Modern Water PLC Result of Open Offer (5249F)
October 29 2018 - 5:48AM
UK Regulatory
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RNS Number : 5249F
Modern Water PLC
29 October 2018
Modern Water plc
("Modern Water" or "the Group")
Result of Open Offer
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
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 the open offer to raise up to
approximately GBP0.9 million as announced on 11(th) October 2018
(the "Open Offer") closed for acceptances at 11:00am on Friday
26(th) October in accordance with its terms. The Company has
received valid applications in respect of a total of 3,792,410 new
ordinary shares in the Company ("New Ordinary Shares"),
representing a take up of 37.8% of the New Ordinary Shares
available under the Open Offer.
Qualifying shareholders who have applied for some or all of
their basic entitlements will have those applications satisfied in
full. Qualifying shareholders who in addition to applying in full
for their basic entitlement to New Ordinary Shares under the Open
Offer applied for New Ordinary Shares under the excess application
facility, will also have their applications under that facility
satisfied in full.
The aggregate amount raised pursuant to the Open Offer is
approximately GBP341,317.
Application has been made for 3,792,410 New Ordinary Shares to
be admitted to trading on AIM ("Admission"). It is expected that
Admission and dealings in those shares will commence at 8:00am on
2nd November 2018. Modern Water's enlarged issued ordinary share
capital immediately following Admission will be 104,219,468
Ordinary Shares with voting rights attached. The Company has no
shares in Treasury; therefore the total number of voting rights in
Modern Water will be 104,219,468. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine whether they are required to notify an interest in,
or a change to their interest in, the share capital of the Company
under the FCA's Disclosure and Transparency Rules.
--Ends--
For further information:
Modern Water plc +44 (0) 1483 696 000
Simon Humphrey, Chief Executive
WH Ireland Limited +44 (0) 207 220 1666
Chris Fielding (Nominated Adviser)
James Sinclair-Ford
Notes to editors
Modern Water is a pioneering and innovative technology company,
specialising in membrane water treatment solutions and advanced
monitoring products. The company works for customers in a range of
industries across the globe and owns proprietary technologies for
use in a diverse range of applications. Modern Water's Monitoring
Division has a portfolio of world-leading toxicity and trace metal
monitoring products, some of which constitute the regulatory
standard. The headline technology of the Company's Membrane
Division, called "AMBC", can be used to tackle complex wastewater
treatment problems at a reduced cost compared to standard
processes, while being simple to operate.
www.modernwater.com
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END
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