Cyan Holdings Plc Result of General Meeting and Management Update (1760J)
August 02 2012 - 7:22AM
UK Regulatory
TIDMCYAN
RNS Number : 1760J
Cyan Holdings Plc
02 August 2012
Cyan Holdings plc
("Cyan" or the "Company")
Result of General Meeting & Update on Senior Management
-- Result of General Meeting
-- Geoff Sarney appointed Cyan Special Advisor (Strategy)
Cyan Holdings plc (AIM:CYAN.L), the integrated system design
company delivering wireless solutions for lighting control and
utility metering, today makes the following announcements:
1 Result of General Meeting
The Board of Cyan is pleased to announce that at the Company's
General Meeting held earlier today all of the resolutions were duly
passed, including the approval of the placings of 602,730,000 new
ordinary shares at 0.35 pence per ordinary share to raise
approximately GBP2.1 million before expenses (the "Placings") and
the issue of warrants to subscribe for up to a further 301,365,000
New Ordinary Shares at 0.5 pence per ordinary share.
Full details of the Placings were set out in a circular sent to
shareholders on 16 July 2012. Application has been made for a total
of 604,944,286 new ordinary shares issued pursuant to the Placing
as well as shares issued for payment of advisor's fees, to be
admitted to trading on AIM. Admission and dealing is expected to
occur at 8.00 a.m. on 6 August 2012.
Following the admission of the 604,944,286 ordinary shares on 6
August 2012 the Company's total issued share capital will be
2,271,956,634 ordinary shares of 0.01p each. This figure
(2,271,956,634 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.
2 Geoff Sarney, change of role to Cyan Special Advisor (Strategy)
Geoff Sarney, previously VP Strategy, will now be carrying out a
different role for the Company. For the past few months Geoff has
been working on positioning Cyan within a global consortium which
aims to provide an eco-system Machine-2-Machine ("M2M") solution to
utilities worldwide. The consortium has now approached Geoff to
head up this group on a full time basis. The members of the
consortium have not yet been publicly revealed, but will include
Tier 1 international companies.
Cyan has agreed that Geoff will lead this consortium and at the
same time become Special Advisor to the Company, where he will
continue to establish the entity and relationship of Cyan within
the grouping. In addition, Geoff will help to promote Cyan to
contacts in the Smart Metering, M2M & Utility sectors as well
as assisting Cyan with business development in China. Geoff being
externally focussed working on the consortium adds additional value
to Cyan by helping with the strategic direction, customer
identification and product road map for the M2M market (forecast by
ABI Research to be US$10B by 2016). It is anticipated that it will
be a few months to complete the setup of this consortium.
Geoff Sarney, Special Advisor to Cyan, commented: "I recognise
the significant role that Cyan can play going forward in this
consortium and am very impressed with the low power, low cost
advantage that Cyan has developed and already deployed with
customers. The wireless mesh network Cyan has is clearly superior
to others. I look forward to continuing to work with Cyan on an
ongoing basis as head of the consortium, helping the Company to
deepen its relationships in the metering sector as well as
broadening into substantial new markets."
John Cronin, Executive Chairman of Cyan added: "We are delighted
that both Geoff and Cyan are been recognised as industry leaders in
what is becoming a sought after sector. The contribution Cyan is
making to ensuring that all utilities collect payment from their
customers and at the same time assist in households and offices to
manage their energy usage efficiently whilst helping reduce carbon
emissions is very worthwhile. I am very pleased in particular for
Geoff as this proves that his knowledge and experience are at the
forefront of the M2M evolution."
Enquiries:
Cyan Holdings plc www.cyantechnology.com
John Cronin, Chairman Tel: +44 (0) 1954 234 400
Cenkos Securities plc
NOMAD and Joint Broker
Stephen Keys / Adrian Hargrave Tel: +44 (0) 20 7397 8900
XCAP Securities plc
Joint Broker
Jon Belliss / Adrian Kirk Tel: +44 (0) 20 7101 7070
Newgate Threadneedle
Financial PR
Caroline Evans-Jones / Guy McDougall Tel: +44(0) 20 7653 9850
About Cyan
Cyan is an integrated system design and software company
delivering mesh based flexible wireless solutions for utility
metering and lighting control. The Company has been listed on
London's Alternative Investment Market (AIM) since 2005. Cyan's
headquarters are in Swavesey, Cambridge, UK. For more information,
please visit www.cyantechnology.com.
CyLec
Cyan's CyLec technology provides a complete control and
communication network including user interface. CyLec offers
point-to-point and mesh network solutions for metering
applications. CyLec is a trademark of Cyan Technology Ltd.
CyLux
Cyan's CyLux technology provides a complete control and
communications network including user interface. CyLux is a control
system allowing lighting manufacturers to build and sell RF
controlled street and tunnel lighting. CyLux is a trademark of Cyan
Technology Ltd.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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