Strat Aero PLC Issue of Equity and Trading Update (1702I)
August 25 2016 - 9:30AM
UK Regulatory
TIDMAERO
RNS Number : 1702I
Strat Aero PLC
25 August 2016
Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support
Services
25 August 2016
Strat Aero plc ("Strat Aero", the "Company" or the "Group")
Issue of Equity and Trading Update
Strat Aero plc, an international aerospace company focused on
the rapidly emerging Unmanned Aerial Vehicle ("UAV") sector, is
pleased to announce that it has successfully raised GBP370,000
(before expenses) by way of a placing ("the Placing") of 74,000,000
new ordinary shares of 0.1p each ("Ordinary Shares") ("Placing
Shares") at a price of 0.5p per ordinary share ("Placing
Price").
This capital will be used as working capital, to fund ongoing
litigation and to expedite the continued development of the
Company's integrated UAV offering, which covers all aspects of the
value chain including the provision of hardware, software, and data
analysis services.
The Company has experienced an encouraging trading period during
which unaudited consolidated revenues for the Group for the six
months to the end of June 2016 were approximately USD410,000 and
with recurring revenues from Geocurve continuing to grow, the
Company expects to show continued progress is the seasonally more
active second half of the year. Further revenue growth can also be
expected from its commercial training activities, following the
award of National Qualified Entity ("NQE") status by the Civil
Aviation Authority ("CAA") alongside the agreement with Limkokwing
University of Creative Technology ("LKW") to roll-out its UAV
services to the Malaysian market, further revenue growth.
The Company continues to make positive progress with its
surveying and wind turbine inspection offering and continues to
focus on its costs base to reduce overheads and optimise
performance. In the industry overall, the contractual take up of
UAV Services remains behind analyst expectations however there are
positive signs that the adoption of UAV technology is becoming more
acceptable to mainstream business. The Company's unaudited cash
position at the end of June was approximately USD 286,000.
Graham Peck, Chairman of Strat Aero, said, "We continue to make
positive strides in the development of our UAV service offering and
this funding, which follows the roll-out of our UAV training
services into the Asian market as well as our newly granted
National Qualified Entity status by the CAA, will help to
strengthen our position as we continue to capitalise on new growth
opportunities. I would like to take this opportunity to thank our
long-standing shareholders who continue to demonstrate their
support and we remain confident we will be able to continue to
develop Strat Aero into the first choice of UAV enabled technology
services to the commercial, educational and military sectors."
Details of the Placing
Application will be made for 74,000,000 of the Placing shares,
which will rank pari passu with the existing Ordinary Shares in the
Company, to be admitted to trading on AIM ('Admission'). It is
expected that Admission will become effective and dealings will
commence at 7:00 a.m. on 1 September 2016.
Share Capital and Total Voting Rights
Following the issue of the Placing Shares, the issued share
capital of the Company will consist of 336,106,046 Ordinary Shares.
No shares were held in treasury at the date of this announcement.
The total current voting rights in the Company are therefore
336,106,046.
The total current voting rights number of 336,106,046 Ordinary
Shares is the figure which may be used by shareholders as the
denominator for the calculation by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company.
- ENDS -
For further information please visit www.strat-aero.com or
contact:
Strat Aero plc Tel: +44 (0) 1293
804741
Graham Peck (Chairman)
SP Angel Corporate Finance Tel: +44 (0) 20 3470
LLP 0470
Nominated Adviser and Joint
Broker
Stuart Gledhill
Jeff Keating
Beaufort Securities Limited Tel: +44 (0) 20 7382
8300
Joint Broker
Elliot Hance
Cornhill Capital Ltd
Joint Broker
Colin Rowbury Tel: +44 (0) 20 7710
9610
St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
Financial PR
Frank Buhagiar
Susie Geliher
Notes
Strat Aero plc is a multi-divisional international aerospace
services company, focussed primarily on the provision of complete
client solutions in the Unmanned Aerial System ('UAS' market),
which is predicted to show exponential growth over the coming
decade. Commercial and military applications in UASs are expected
to be a dynamic growth sector in the aerospace industry over the
next 10 years with the UAS market forecast to grow to more than
US$82.1 billion between 2015 and 2025 (AUVSI Economic Report 2013)
and the global airborne Intelligence, Surveillance and
Reconnaissance ('ISR') market estimated to grow to US$19.23 billion
by 2023.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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