Cyan Holdings Plc Issue of Equity (6773O)
November 09 2016 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 6773O
Cyan Holdings Plc
09 November 2016
Cyan Holdings plc
("CyanConnode" or the "Group")
Issue of Equity
CyanConnode (AIM: CYAN.L), the world leader in narrowband RF
networks for Omni IoT communications is pleased to announce that
Nightingale Investment Company Limited ("Nightingale"), Fataarc
Limited ("Fataarc") and other existing shareholders have agreed to
invest a further GBP1,210,000 in the Group by way of a subscription
for 605,000,000 ordinary shares of 0.01 pence each ("Subscription
Shares") at a price of 0.2p per Subscription Share (the
"Subscription").
Biggles Enterprises Limited ("Biggles") and Fataarc have
together invested GBP3,050,000 into CyanConnode equity in June and
October 2016. Nightingale and Fataarc (which are associated with
Biggles) have now agreed to invest a further GBP1,050,000.
The investments are being made by way of a subscription for
605,000,000 Subscription Shares at a price of 0.20 pence per share
(the "Issue Price"). The Issue Price represents a premium of 11.1%
to the last investment made by Biggles and Fataarc on 3 October
2016 at a price of 0.18 pence per share. The Issue Price represents
a discount of 2.4 per cent. to the Group's mid-market closing price
on 8 November 2016, being the last business day prior to the
publication of this announcement.
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. The Subscription is not
underwritten and is conditional only upon admission of the
Subscription Shares to trading on AIM. 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 14 November 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.
Related Party Transaction
John Stamp is a substantial shareholder of the Company, being
interested in 11.04 per cent of the Company's share capital through
Biggles. Nightingale (being an associate company of John Stamp)
constitutes a related party of the Group and its participation in
the Subscription is considered a related party transaction under
the AIM Rules for Companies. The Directors of CyanConnode, having
consulted with the Group's nominated adviser, Cantor Fitzgerald
Europe, consider that the terms of Nightingale's investment are
fair and reasonable insofar as the Group's shareholders are
concerned.
Following Admission, John Stamp will be interested in
2,166,666,666 ordinary shares of 0.01 pence each, representing
13.80 per cent of the Company's issued share capital.
Total Voting Rights
Following Admission, the Group's total issued share capital will
be 15,702,667,349 ordinary shares of 0.01 pence each. This figure
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 Nightingale and Fataarc
wishing to make an investment in CyanConnode, as well as other
existing shareholders, and the Group is very appreciative of their
continued support."
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) 1223
225060
John Cronin, Executive Chairman www.cyanconnode.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
IOEAKFDDFBDDPDK
(END) Dow Jones Newswires
November 09, 2016 02:00 ET (07:00 GMT)
Cyanconnode (LSE:CYAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Cyanconnode (LSE:CYAN)
Historical Stock Chart
From Jul 2023 to Jul 2024