TIDMSEV
RNS Number : 0475Z
SerVision plc
09 March 2017
9 March 2017
SerVision PLC
("SerVision" or "the Company")
Exercise of Warrants, Issue of Equity and Total Voting
Rights
Exercise of Warrants
SerVision (AIM: SEV), a leader in mobile live video streaming
over wireless and cellular networks, announces that it has received
a warrant exercise notice in respect of 1,139,549 new ordinary
shares in the Company (the "Warrant Exercise Shares") at an
exercise price of 3.5 pence per share. The proceeds realisable by
the Company from this warrant exercise are GBP39,884.22 and have
been received by the Company.
These warrants were issued to Beaufort Securities Limited on 13
October 2015 in connection with their role as broker on the
fundraise announced by the Company on 25 September 2015.
Pursuant to the above exercise, 1,139,549 new ordinary shares of
1 pence each in the Company have been issued and allotted to
Beaufort Securities Limited.
Adjustment in Cascade Subscription Shares and Options
Under the terms of the subscription by Cascade SVP, LLC
("Cascade"), announced by the Company on 22 February 2017 (the
"Announcement"), the Company is required to issue additional new
ordinary shares to Cascade following the exercise of warrants or
options or other rights already in issue at the date of the
Announcement ("a "Dilutive Event"), so that the percentage of the
issued share capital held by Cascade following the Dilutive Event
is the same as it had been prior to the Dilutive Event.
Since the issue of the Warrant Exercise Shares is a Dilutive
Event, the Company has also issued 63,308 new ordinary shares to
Cascade (the "Cascade Shares"), increasing Cascade's holding to
7,107,850 ordinary shares, representing 5.3% of the Company's
issued share capital.
In addition, the number of new ordinary shares to be issued to
Cascade upon the second closing of the Subscription, as defined in
the Announcement, will be increased from 7,044,542 to 7,107,850 so
that Cascade's holding following completion of the Subscription
will be 14,215,700 ordinary shares, representing 10.0 per cent. of
the Company's then issued share capital. The effective subscription
price is now 11.3p and the effective Cascade option prices become
10.13p and 9.21p respectively. The Announcement contains further
details on the Options.
Following the issue of the new Ordinary Shares, the Company has
a further 10,452,504 outstanding warrants and options at exercise
prices between 4.81 pence and 10.74 pence.
The table below provides further details on the outstanding
options and warrants:
Name of warrantholder Number of Exercise Expiry
or optionholder warrants price (pence) date
or options
---------------------- ------------ --------------- -----------
YA Global/YA 2,078,197 4.81 pence 08/04/2017
II PN Ltd
---------------------- ------------ --------------- -----------
Eliyahu Greineman 6,346,154 10.4 pence 01/05/2017
---------------------- ------------ --------------- -----------
YA Global/YA 1,210,653 10.74 pence 13/08/2018
II PN Ltd
---------------------- ------------ --------------- -----------
Company employees 204,375 7 pence 31/12/2021
---------------------- ------------ --------------- -----------
Company employees 204,375 7 pence 31/12/2022
---------------------- ------------ --------------- -----------
Company employees 204,375 7 pence 31/12/2023
---------------------- ------------ --------------- -----------
Company employees 204,375 7 pence 31/12/2024
---------------------- ------------ --------------- -----------
Exercise of any of these warrants or options would also count as
dilutive events resulting in further issues of new ordinary shares
to Cascade as required to maintain their percentage holding in the
Company. Any options or warrants issued following the date of the
Announcement will not count as dilutive events.
In addition, YA II PN Ltd has an outstanding loan with the
Company, further details which were most recently announced on 8
July 2016. The amount outstanding in relation to the loan is
currently $592,000 and the current repayment schedule envisages the
balance being paid in full by July 2017. As previously announced on
8 July 2016 the loan is capable of conversion into new ordinary
shares in the Company at a conversion price of no less than 3
pence. The Company and YA II PN Ltd have agreed that, save in the
circumstances whereby the Company fails to meet its repayment
obligations under the loan agreement, YA II PN Ltd will not
exercise its conversion rights under the loan agreement.
Admission of new Ordinary Shares to trading on AIM
Application has been made for admission of the Warrant Exercise
Shares and the Cascade Shares to trading on AIM (together the "New
Ordinary Shares"). The 1,202,857 New Ordinary Shares will rank pari
passu in all respects with the existing ordinary shares. It is
expected that admission of the New Ordinary Shares will become
effective and that dealings in the New Ordinary Shares will become
effective at 8.00 a.m. on 15 March 2017.
The New Ordinary Shares will represent 0.9% of the enlarged
share capital of the Company.
Total Voting Rights
Following admission of the New Ordinary Shares, the Company's
issued ordinary share capital will consist of 135,049,150 Ordinary
Shares with one voting right per share. The Company does not hold
any Ordinary Shares in treasury. Therefore, the total number of
Ordinary Shares and voting rights in the Company will be
135,049,150. This figure may be used by shareholders in the Company
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 share capital of the Company.
-ends-
For further information:
SerVision plc +972 2535 0000
Gidon Tahan, Chairman and CEO
Allenby Capital Limited (Nominated +44 (0)20 3328
Adviser and Joint Broker) 5656
Nick Athanas / James Reeve
Beaufort Securities Limited (Joint
Broker)
+44 (0)20 7382
Elliot Hance 8300
Leander PR (Financial PR)
+44 (0)7795 168
Christian Taylor-Wilkinson 157
Notes to Editors
SerVision is a pioneer in the field of security communications
technology and a leading developer and manufacturer of fully
integrated video recording and transmission systems for homeland
security and transportation applications. The Company's core
technology is proprietary video compression which is optimised for
streaming real-time video over any type of cellular or narrowband
network.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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March 09, 2017 07:30 ET (12:30 GMT)
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