Cyan Holdings Plc Issue of Equity (3634S)
March 17 2016 - 3:00AM
UK Regulatory
TIDMCYAN
RNS Number : 3634S
Cyan Holdings Plc
17 March 2016
Cyan Holdings plc
("Cyan" or "the Company")
Issue of Equity
Cyan (AIM: CYAN.L), the integrated system and software design
company delivering mesh based flexible wireless solutions for
utility metering and lighting control, is pleased to announce that
it has raised GBP450,000 by way of a subscription for 250,000,000
ordinary shares of 0.01p each ("Subscription Shares") at a price of
0.18 pence per share (the "Issue Price") (the "Subscription"),
representing a premium of 20 per cent. to the closing mid-market
share price on 16 March 2016.
Highlights
-- Issue of 250,000,000 Subscription Shares subscribed by new
and existing private investors to raise
proceeds of GBP450,000
-- The Issue Price represents a premium of 20 per cent. to the
closing mid-market price of 0.15 pence on 16 March 2016, being the
latest dealing day prior to the announcement of the
Subscription
-- The proceeds of the Subscription will be used for working capital purposes
-- The Subscription is not underwritten. The Subscription is
conditional only upon admission of the
Subscription Shares to trading on AIM
The Subscription has been undertaken pursuant to the general
authorities granted to the board of directors at the general
meeting of the Company held on 30 June 2015 and therefore no
further shareholder approval is required. The Company has received
HMRC confirmation that the Subscription Shares will qualify for EIS
tax relief under the Company's existing EIS headroom of up to
GBP12.6M (of which GBP3.9M is available in the 12 month period to
June 2016, and GBP535k still available at the Issue Price under the
general authorities granted to the board of directors in June
2015).
Following the admission of the new Ordinary Shares, the
Company's total issued share capital will be 7,080,506,012 ordinary
shares of 0.01 pence each. This figure of 7,080,506,012 may be used
by shareholders as the denominator 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 will be made for the admission of the Subscription
Shares to trading on AIM and it is expected that the Subscription
Shares will be admitted to trading on AIM at 8.00 a.m. on 23 March
2016. The Subscription Shares will rank pari passu in all respects
with the Company's existing ordinary shares of 0.01 pence each.
John Cronin, Executive Chairman of Cyan, commented:
"I was delighted to be approached by new investors wishing to
take advantage of the EIS tax relief available through investments
in Cyan during the tax year ending on 5(th) April 2016. I was
particularly pleased that we were able to secure these investments
at a premium to the current share price. I'd like to welcome our
new shareholders and thank the existing shareholders for their
continued support."
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954 234
400
John Cronin, Executive Chairman
Cantor Fitzgerald Europe Tel: +44 (0) 20 7894
(Nomad and Broker) 7000
Andrew Craig / Richard Salmond
/ Chris Viggor
Tel: +44 (0) 20 7382
Beaufort Securities Limited 8300
(Broker)
Jon Belliss
Walbrook PR (Investor Relations) Tel: +44(0) 20 7933 8780
Paul Cornelius / Nick Rome cyan@walbrookpr.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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