Cyan Holdings Plc Issue of Equity (4510L)
October 03 2016 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 4510L
Cyan Holdings Plc
03 October 2016
Cyan Holdings plc
("CyanConnode" or the "Group")
Issue of Equity
and Total Voting Rights
JST Thailand increases strategic investment in CyanConnode
CyanConnode (AIM: CYAN.L), the world leader in narrowband RF
networks for Omni IoT communications is pleased to announce that
the J. S. Technical Services Company Limited group ("JST")
operating out of Thailand has invested a further GBP1,050,000 in
the Group by way of a subscription for shares in Cyan Holdings
plc..
JST invested GBP2,000,000 into CyanConnode equity in June 2016
and has now approached the Group again with a request to make a
further equity investment to increase their holding.
This investment is being made by way of a subscription for
583,333,332 ordinary shares of 0.01p each ("Subscription Shares")
at a price of 0.18 pence per share (the "Issue Price") (the
"Subscription"). The Issue Price represents a discount of 2.70 per
cent. to the Group's mid-market closing price on 30 September 2016,
being the last business day prior to the publication of this
announcement.
The Subscription is an extension to the placing and acquisition
announced in the Circular on 14 June 2016, which was approved by
the CyanConnode shareholders on 30 June 2016. Following Admission,
JST's interest in the Group will represent 11.3% of the issued
share capital of the Group as enlarged by the Subscription (the
"Enlarged Share Capital").
Highlights
-- Issue of 583,333,332 Subscription Shares to raise proceeds of GBP1,050,000
-- The proceeds of the Subscription will be used for working capital purposes
-- The Subscription Shares will represent 3.89% of the Enlarged
Share Capital following admission
-- 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 Group held on 30 June 2016 and therefore no further
shareholder approval is required.
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 7 October
2016 ("Admission"). The Subscription Shares will be issued credited
as fully paid and will rank pari passu in all respects with the
Group's existing ordinary shares of 0.01 pence each. The
Subscription Shares are not being made available to the public and
are not being offered or sold in or into any jurisdiction where it
would be unlawful to do so.
Total Voting Rights
Following Admission and following the issue in September 2016 of
32,993,525 Ordinary Shares pursuant to its block listing
arrangements, the Group's total issued share capital will be
15,014,418,148 ordinary shares of 0.01 pence each. This figure of
15,014,418,148 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 Group under the
Disclosure and Transparency Rules.
John Cronin, Executive Chairman of Cyan, commented:
"I was delighted to be approached by JST wishing to make a
further investment in CyanConnode as an extension to the funds they
had already invested in June 2016 and the Group is very
appreciative of their continued support.
"Furthermore, we have a very strong working relationship with
JST as we continue to develop the market in Thailand together as
part of the Group's wider strategy of further expanding our
geographic reach."
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR"). This inside
information is now considered to be in the public domain.
Enquiries:
Cyan Holdings plc Tel: +44 (0) 1954
234 400
John Cronin, Executive Chairman www.cyantechnology.com
Cantor Fitzgerald Europe - Tel: +44 20 7894
Nomad and Broker 7000
Andrew Craig / Richard Salmond
Beaufort Securities Limited Tel: +44 (0) 20
- Joint Broker 7382 8300
Jon Belliss
Walbrook PR - Financial PR Tel: +44(0) 20 7933
8780
Paul Cornelius/Nick Rome cyanconnode@walbrookpr.com
About CyanConnode
CyanConnode is a world leader in narrowband RF mesh networks
that enable Omni IoT communications. Cyan's Ultimesh provides
narrowband RF mesh network, optimised for exceptional performance
and total cost of ownership and Connode's Panmesh delivers
standards-based IPv6 solutions, enabling rapid innovation for the
implementation of 3(rd) party applications. The Group provides
customers with the flexibility and choice required to converge
networks for applications in smart cities and IoT, delivering
increased customer value.
For more information, please visit www.cyanconnode.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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