Fundraising of GBP2.56m
April 13 2012 - 5:39AM
UK Regulatory
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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