TIDMGSH
RNS Number : 4023I
Green & Smart Holdings plc
19 June 2017
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
19 June 2017
Green & Smart Holdings plc
("Green & Smart" or "G&S" or "the Company")
Green and Smart raise up to GBP552,759 through private
placement
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 successfully raised up to GBP552,759 by way of
a private placement of 6,141,772 shares of no par value in the
Company ("Shares") at a price of 9 pence per Share (the "Issue
Price") and 5,848,664 five year warrants (exercisable at a price of
9.25 pence per share) to subscribe in aggregate up to 5,848,664
Shares (the "Private Placement").
The net proceeds of the Private Placement will be used to bid
for new quotas, progress with grid connection of the fully-owned
Malpom plant and for working capital purposes.
The Issue Price represents a discount of 6.5 per cent. to the
mid-market closing price of 9.625 pence on 16 June 2017. The
Private Placement is not being underwritten and is conditional only
upon admission of the Shares to trading on AIM. The Private
Placement is being conducted pursuant to the existing authorities
granted to the Directors of the Company at its annual general
meeting on 27 April 2017 and therefore no further shareholder
approval is required. The 6,141,772 Shares placed represent
approximately 2.1 per cent. of the Company's issued share capital
as enlarged by the Shares (the "Enlarged Share Capital").
Application has been made to the London Stock Exchange for
3,641,107 Shares to be admitted to trading on AIM ("Admission") and
it is expected that such Admission will occur at 8.00 a.m. on 20
June 2017. The Shares will be issued credited as fully paid and
will rank in full for all dividends or other distributions
declared, made or paid after the admission of the Shares and will
otherwise be identical to and rank on Admission pari passu in all
respects with the existing shares of no par value. The Private
Placement involves a limited number of selected investors and,
accordingly, no prospectus will be issued by the Company within the
meaning of the Companies (Jersey) Law 1991 as amended, and the
consent of the Jersey Financial Services Commission will not be
sought or obtained in connection with the Private Placement. The
Shares are not being made available to the public and are not being
offered or sold into any jurisdiction where it would be unlawful to
do so.
Immediately following Admission, the Company will have
291,069,141 shares of no par value in issue, none of which will be
held in treasury.
Issue of Warrants
In accordance with the terms of the Private Placement, the
Company will issue Warrants to subscribe for up to 5,848,664 shares
of no par value, exercisable at a price of 9.25 pence per share in
accordance with the terms of warrant instruments under which
Warrants will become exercisable immediately upon issue until June
2022. Following the issue of the Warrants, there will be warrants
to subscribe up to a total of 7,231,997 shares of no par value in
the Company.
The issue of the Shares and Warrants placed pursuant to the
Private Placement, which remain unissued following Admission, will
occur separately and will be notified by the Company in the coming
days.
Saravanan Rasaratnam, Group Managing Director of Green &
Smart, commented:
"We are pleased to announce this successful fundraising. Our
ability to continue to be a market leader is very much dependent on
the availability of adequate funding and financing and this
fundraising will enable us to bid for new quotas as well as
progress with our current pipeline of projects. On behalf of the
board I warmly welcome the new shareholders of Green &
Smart."
Enquiries
Green & Smart Holdings plc
Saravanan Rasaratnam, Managing
Director +44 20 7618 9100
Cantor Fitzgerald Europe (Nominated
Adviser and Broker)
Andrew Craig, Richard Salmond +44 20 7894 7000
Luther Pendragon Ltd
Harry Chathli, Claire Norbury,
Alexis Gore +44 20 7618 9100
Forward-looking statements
This announcement contains statements about Green & Smart
Holdings plc that are or may be deemed to be "forward-looking
statements".
All statements, other than statements of historical facts,
included in this announcement may be forward-looking statements.
Without limitation, any statements preceded or followed by, or that
include, the words "targets", "plans", "believes", "expects",
"aims", "intends", "will", "may", "should", "anticipates",
"estimates", "projects", "would", "could", "continue" or words or
terms of similar substance or the negative thereof, are
forward-looking statements. Forward-looking statements include,
without limitation, statements relating to the following: (i)
future capital expenditures, expenses, revenues, earnings,
synergies, economic performance, indebtedness, financial condition,
dividend policy, losses and future prospects and (ii) business and
management strategies and the expansion and growth of the
operations of Green & Smart Holdings plc.
These forward-looking statements are not guarantees of future
performance. These forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of any such person, or
industry results, to be materially different from any results,
performance or achievements expressed or implied by such
forward-looking statements. These forward-looking statements are
based on numerous assumptions regarding the present and future
business strategies of such persons and the environment in which
each will operate in the future. Investors should not place undue
reliance on such forward-looking statements and, save as is
required by law or regulation (including to meet the requirements
of the AIM Rules, the Prospectus Rules and/or the FSMA), Green
& Smart Holdings plc does not undertake any obligation to
update publicly or revise any forward-looking statements (including
to reflect any change in expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based). All subsequent oral or written forward-looking
statements attributed to Green & Smart Holdings plc or any
persons acting on their behalf are expressly qualified in their
entirety by the cautionary statement above. All forward-looking
statements contained in this announcement are based on information
available to the Directors of Green & Smart Holdings plc at the
date of this announcement, unless some other time is specified in
relation to them, and the posting or receipt of this announcement
shall not give rise to any implication that there has been no
change in the facts set forth herein since such date.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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