Modern Water PLC Receipt of Chinese Investment (3487Y)
August 21 2018 - 2:00AM
UK Regulatory
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RNS Number : 3487Y
Modern Water PLC
21 August 2018
21 August 2018
Modern Water plc
("Modern Water", "the Company" or "the Group")
Receipt of Chinese investment
Modern Water plc (AIM:MWG), the owner of leading technologies
for water and wastewater treatment and for the monitoring of water
quality, is pleased to announce that, further to its announcement
on 5 July and following confirmation of foreign investment by the
relevant Chinese authorities, it has yesterday received
GBP552,348.83 from Chinese company Hangzhou Shangtuo Environmental
Technology Co. Ltd. (trading as "Sunup"). Sunup's subscription for
5,021,353 new ordinary shares in the Company ("Subscription") at 11
pence per share is now only conditional upon admission of the new
ordinary shares to trading on AIM ("Admission") which is expected
on 24 August 2018.
As previously announced, upon completion of the Subscription,
Sunup will be interested in 5% of the enlarged share capital of the
Company.
Sunup has agreed to lock-in restrictions for 12 months following
the Subscription and orderly market restrictions for a period of 12
months after that. Sunup has been granted one non-transferrable
warrant per New Share, exercisable within 12 months from completion
of the Subscription, at 13 pence per new ordinary share.
Sunup is an environmental technology company integrating water
and wastewater solutions for industrial clients in the People's
Republic of China, with its headquarters in Hangzhou and branches
in Beijing, Hong Kong and Qingdao.
Modern Water confirms that, following Admission, it intends to
give existing shareholders the opportunity to subscribe new
ordinary shares, on the basis of one share for every ten held, at
the same price as Sunup. Details of the open offer will be
announced following publication of the Company's interim results
for the 6 months ended 30 June 2018.
Any questions concerning the issue of new ordinary shares should
be addressed to the corporate broker, whose details are set out
below.
Simon Humphrey, Modern Water's CEO, said: "I am very pleased to
welcome Sunup as a shareholder in Modern Water plc and look forward
to working with Noah Tan and the highly experienced and committed
team at Sunup to capitalise on the significant demand for Modern
Water's innovative technologies in China."
Commenting on the Subscription, Noah Tan, Sunup's CEO said:
"Modern Water's innovative technologies bring a considerable
competitive advantage to our new joint venture company whilst
providing significant positive environmental benefits and
cost-savings to our clients. And as a new shareholder we look
forward to both contributing to and sharing in the long-term
success of Modern Water."
--Ends--
For further information:
Modern Water plc +44 (0) 1483 696 000
Simon Humphrey, Chief Executive
WH Ireland Limited (Nominated Adviser) +44 (0) 207 220 1666
Chris Fielding
James Sinclair-Ford
Hayley Richardson (Corporate Broker)
Tavistock +44 (0) 207 920 3150
James Collins
Notes to editors:
Modern Water owns, installs and operates advanced membrane
systems using its world-leading membrane technologies; and develops
and supplies advanced systems for water monitoring. Its shares
trade on the Alternative Investment Market of the London Stock
Exchange.
www.modernwater.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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