Modern Water PLC Equity Issue & Result of Placing (5683N)
January 21 2019 - 2:00AM
UK Regulatory
TIDMMWG
RNS Number : 5683N
Modern Water PLC
21 January 2019
Modern Water plc
("Modern Water", "the Company" or "the Group")
Equity Issue & Result of Placing
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
Results of Placing
Modern Water plc, the owner of world-leading technologies for
water and wastewater treatment and for water quality monitoring has
successfully completed a placing of ordinary shares.
A total of 9,000,000 shares have been placed by Turner Pope
Investments (TPI) Ltd at a price of 6.5 pence per share with the
Company placing 38,000 shares at 6.5 pence per share. The Placing
has raised approximately GBP587,470 (before expenses) for the
Company.
In addition, the Company has granted warrants over ordinary
shares: 9,038,000 at a price of 9.75p to investors and 540,000 at a
price of 6.5p to a TPI nominee, all exercisable within two years
from grant and subject to approval at the Company's 2019 AGM.
Application will be made to the London Stock Exchange for
admission to trading of 9,038,000 new ordinary shares on AIM
("Admission"). It is expected that Admission will take place and
dealings on AIM will commence at 8:00 a.m. on or around 28 January
2019 (at which time the placing will become unconditional).
The new ordinary shares will, when issued, be credited as fully
paid and will rank pari passu in all respects with the existing
ordinary shares in the capital of the Company, including the right
to receive all dividends or other distributions made, paid or
declared in respect of such shares after the date of issue of the
new ordinary shares.
Total voting rights
Modern Water's enlarged issued ordinary share capital
immediately following Admission will be 113,257,468 ordinary shares
with voting rights attached. The Company has no shares in treasury;
therefore the total number of voting rights in Modern Water is
113,257,468. 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.
Simon Humphrey, the Company's CEO, commented: "We are delighted
to receive additional support from new investors introduced by
Turner Pope Investments. The net funds will be applied towards
working capital, in particular increasing specific inventory in the
pursuit of additional contracts and we look forward to updating the
market of such in the near term. The Company is looking to build on
recent successes and momentum through a strategically placed
regional office network and its partnership in China, which has
already seen Sunup successfully commission the first AMBC pilot
plant, using Modern Water technology, treating waste water from a
power station."
--Ends--
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014.
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
Turner Pope Investments Ltd (Broker
to the placing) +44 (0) 203 6214120
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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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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