01/09/2014 22:08:52 Free Membership Login

Fundraising of GBP2.56m

Date : 04/13/2012 @ 5:39AM
Source : UK Regulatory (RNS & others)
Stock : Software Radio (SRT)
Quote : 26.75  2.25 (9.18%) @ 5:46AM
Software Radio Technology share price Chart

Fundraising of GBP2.56m


 
TIDMSRT 
 
SOFTWARE RADIO TECHNOLOGY PLC 
 
                             Fundraising of GBP2.56m 
 
Software Radio Technology plc ("SRT" or the "Company") (AIM: SRT) announces 
that it has conditionally raised up to GBP2.56 million (approximately GBP2.48 
million, net of expenses) via the issue of 9,500,000 new ordinary shares of 
0.1p each (the "New Shares") at a price of 27 pence per share (the "Placing 
Price") (the "Placing"). 
 
The funds raised in the Placing will be deployed to fund working capital to 
support the existing product development road map and forward production and 
stock commitments for the Company's current pipeline of opportunities. 
 
Commenting on the Placing, SRT Chief Executive Simon Tucker, said: "SRT has 
made exceptional progress over the last few years laying firm foundations for 
future, sustainable growth. We have new products, more customers and a clearer 
view of a significantly expanded range of market opportunities: some of which 
appear to be of very significant size and nearing fruition. The markets we are 
addressing mean that we need to maintain our product development momentum 
whilst also having supply capacity to meet expected day-to-day customer 
requirements. The Placing was done at the market price and significantly 
oversubscribed. We are delighted by the response of our existing institutional 
shareholders and welcome the opportunity to add a number of significant new 
shareholders to the register." 
 
Details of the Placing 
 
The Placing has been conducted at the closing mid price of 27 pence per 
ordinary share on 12 April 2012, being the last trading day before this 
announcement. 
 
The New Shares will rank pari passu with the Company's existing ordinary 
shares.  Application will be made for the New Shares to be admitted to trading 
on AIM and it is expected that admission will become effective on or around 
Monday 16 April 2012. Following the issue of the New Shares there will be a 
total of 115,659,774 ordinary shares of 0.1p each in issue with each share 
carrying the right to one vote. The above figure may be used by shareholders as 
the denominator for the calculations by which they will determine if they are 
required to notify their interest in, or a change to their interest in, the 
Company under the FSA's Disclosure and Transparency Rules. 
 
                                    -ends- 
 
Enquiries: 
 
Software Radio Technology plc                              +44 (0)1761 409500 
 
Simon Tucker                                     simon.tucker@softwarerad.com 
 
Chief Executive Officer 
 
Westhouse Securities Limited                              +44 (0)20 7601 6100 
 
Richard Baty 
 
Petre Norton 
 
Adam Lloyd 
 
Cenkos Securities plc                                     +44 (0)20 7397 8922 
 
Adrian Hargrave 
 
Andy Roberts 
 
About SRT: 
 
Software Radio Technology plc develops advanced radio communications 
technologies which are used to create enabling modules and OEM products. SRT 
Marine Technology Limited focuses on VHF and AIS technologies for use in 
navigation and homeland security identification and tracking applications. SRT 
Marine Technology provides its solutions in a variety of module and OEM product 
formats. 
 
 
 
END 
 

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