Issue of Equity (7416Z)
January 19 2011 - 7:38AM
UK Regulatory
TIDMCYAN
RNS Number : 7416Z
Cyan Holdings Plc
19 January 2011
Cyan Holdings plc
("Cyan" or "the Company")
Issue of shares
In the Company's announcement on 1 September 2010, the Company
stated that it intended to issue a convertible loan note for
GBP450,000 and on 11 November 2010, the Company announced that
final terms and documentation of the convertible loan note could
not be agreed. Since that time, the Company has continued to make
progress, having secured initial orders for lighting control
systems in China and gained good traction on other
opportunities.
Today, the Company is pleased to announce that it has raised
GBP900,000 through the issue of 72,000,000 ordinary shares of 0.2p
each ("Ordinary Shares") at a price of 1.25p per share. The
additional funds will be used for working capital purposes.
As part of this process, Simon Smith, a director of the Company,
has subscribed for 2,000,000 Ordinary Shares for a consideration of
GBP25 000. Following this transaction, Simon Smith will hold
7,777,778 Ordinary Shares, representing 0.78 per cent. of the
entire issued share capital of Cyan.
At the time of the Company's last General Meeting authorities
were sought in relation to the non-pre-emptive allotment of
Ordinary Shares and the issue of these new Ordinary Shares is
covered by these authorities.
Following the admission of the new Ordinary Shares, the
Company's total issued share capital will be 997,554,478 ordinary
shares of 0.2p each. This figure (997,554,478 ordinary shares) may
be used by shareholders 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 Company under
the Disclosure and Transparency Rules.
Application has been made by the Company for the new Ordinary
Shares to be admitted to trading on AIM. It is expected that the
new Ordinary Shares will be admitted to trading on AIM and that
dealings will commence at 8.00 a.m. on 24 January 2011 in respect
of the new Ordinary Shares.
Enquiries:
Cyan Holdings plc www.cyantechnology.com
Kenn Lamb, CEO Tel: +44 (0)1954 234 400
Cenkos Securities plc
Stephen Keys / Adrian Hargrave Tel: +44 (0)20 7397 8900
This information is provided by RNS
The company news service from the London Stock Exchange
END
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