Green & Smart Holdings plc Fundraising (0960V)
July 19 2018 - 2:00AM
UK Regulatory
TIDMGSH
RNS Number : 0960V
Green & Smart Holdings plc
19 July 2018
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulation (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
19 July 2018
Green & Smart Holdings plc
("Green & Smart" or "G&S" or "the Company")
Green & Smart raises approximately GBP3.2m from Serba
Dinamik International Ltd
Green & Smart Holdings plc (AIM: GSH), a renewable energy
company generating power from biogas captured through the treatment
of palm oil mill effluent ("POME") in Malaysia, is pleased to
announce that it has raised approximately GBP3.2 million via the
subscription for 51,806,000 new common shares of no par value
("Subscription Shares") by Serba Dinamik International Ltd
("SDIL"), at a price of approximately 6.19 pence per Subscription
Share (the "Subscription").
The net proceeds of the Subscription will be used to advance the
development of the Company's third fully-owned biogas power plant
at Minyak and for working capital purposes.
Payment to the Company by SDIL shall be made in Malaysian
Ringgit and shall be calculated in accordance with the rate of
exchange for Pounds Sterling from Ringgit, quoted by Bank Negara
Malaysia (Central Bank of Malaysia) at 9.00 a.m. (Malaysia time) on
the date of payment. SDIL is a wholly-owned subsidiary of a
Malaysia-based investment holding company, Serba Dinamik Holdings
Berhad, which is focused on the energy services industry and is
listed on Bursa Malaysia (ticker: SDH:MK) and has a market value of
approximately GBP1bn.
Application has been made for the Subscription Shares to be
admitted to trading on AIM ("Admission") and it is expected that
such Admission will occur at 8.00 a.m. on or around 2 August 2018.
On Admission, the Subscription Shares will rank pari passu in all
respects with the existing common shares of no par value ("Common
Shares"). Following Admission, SDIL will hold 51,806,000 Common
Shares, representing approximately 15.0% of the enlarged issued
share capital of the Company. The Subscription is conditional on
Admission occurring no later than 8 August 2018.
Under the terms of the subscription agreement, SDIL is entitled
to appoint one executive Director to the Company's Board of
Directors for as long as SDIL holds at least 15% of the Company's
issued share capital. The appointment of the nominated executive
Director will be subject to the usual regulatory requirements for
an AIM listed company.
The Company also intends to publish its full year results for
the year ended 30 September 2017 and its interim results for the
six months to 31 March 2018 in early August 2018. Until such time
as these results are published, the Company's Common Shares remain
suspended from trading on AIM.
Total Voting Rights
Following Admission, the Company will have 345,375,812 Common
Shares in issue, none of which are held in treasury. Therefore, the
total number of voting rights in the Company will be
345,375,812.
The above figure of 345,375,812 may be used by shareholders in
the Company as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change in their interest in, the share capital of the Company
under the FCA's Disclosure Guidance and Transparency Rules.
Saravanan Rasaratnam, Chief Executive Officer of Green &
Smart, said: "We are delighted to have secured this investment from
Serba Dinamik, an international energy services group providing
engineering solutions to the oil & gas and power generation
industries. This fundraising has put us on a secure financial
footing that will enable us to advance the development of our
pipeline of fully-owned biogas power plants. We look forward to
reporting on our progress."
Enquiries
Green & Smart Holdings plc
Saravanan Rasaratnam, Chief Executive
Officer
Navindran Balakrishnan, Chief Operations
Officer +603 2095 0024
Cantor Fitzgerald Europe (Nominated Adviser
and Broker)
Phil Davies, Richard Salmond +44 20 7894 7000
Luther Pendragon Ltd (Financial PR)
Claire Norbury, Alexis Gore +44 20 7618 9100
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END
IOEUWOURWNABAUR
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