Windar Photonics PLC £2.2 million Fundraise (3746U)
July 12 2018 - 2:00AM
UK Regulatory
TIDMWPHO
RNS Number : 3746U
Windar Photonics PLC
12 July 2018
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.
12 July 2018
Windar Photonics plc
("Windar" or the "Company")
GBP2.2 million Equity Subscription
Windar Photonics plc (AIM:WPHO), the technology group that has
developed a cost efficient and innovative LiDAR wind sensor for use
on electricity generating wind turbines, is pleased to announce
that it has raised GBP2,227,500 (before expenses) by way of a
subscription for 2,700,000 ordinary shares of 1 pence each in the
Company ("Subscription Shares") (the "Subscription") at 82.5 pence
per share (the "Issue Price").
The net proceeds of the Subscription will be used to strengthen
the Company's balance sheet especially given anticipated increasing
working capital requirements following the recently announced new
global distribution agreement and increased revenues of the
Company.
The Issue Price represents the mid-market closing price of 82.5
pence on 11 July 2018. The Subscription is not being underwritten
and is conditional only on admission of the Subscription Shares to
trading on AIM. The Subscription Shares represent approximately 6.1
per cent. of the Company's issued share capital as enlarged by the
Subscription Shares.
Application will be made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM and it is
expected that such Admission will occur at 8.00 a.m. on Monday 23
July 2018. The Subscription Shares will be issued and credited as
fully paid and will rank pari passu in all respects with the
existing ordinary shares of 1 pence each of the Company ("Ordinary
Shares").
Following Admission, the Company will therefore have 44,508,369
Ordinary Shares in issue, none of which will be held in treasury.
This number may be used by shareholders in Windar as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of Windar under the FCA's Disclosure
Guidance and Transparency Rules.
Jørgen Korsgaard Jensen, Chief Executive Officer of Windar,
commented:
"Following the recently announced new distribution agreement
servicing the retro-fit markets and our general positive growth
outlook for the coming periods, I am pleased to announce this
Subscription which provides Windar with a strong balance sheet and
net cash position to finance our expected working capital
requirements. I am very pleased by the continued interest for
investing in Windar Photonics, and I would like to thank both new
and existing shareholders participating in this Subscription."
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45 24234930
Cantor Fitzgerald Europe
Nominated Adviser and Broker David Foreman +44 (0)20 7894 7000
Richard Salmond
West Hill Capital
Financial Adviser Robert Forbes Caie +44 (0)20 3440 7556
About Windar:
Windar Photonics is a technology group that develops
cost-efficient and innovative Light Detection and Ranging ("LiDAR")
optimization systems for use on electricity generating wind
turbines. LiDAR wind sensors in general are designed to remotely
measure wind speed and direction.
http://investor.windarphotonics.com
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END
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