CyanConnode Holdings PLC Share Subscription (1768D)
October 18 2022 - 2:00AM
UK Regulatory
TIDMCYAN
RNS Number : 1768D
CyanConnode Holdings PLC
18 October 2022
18 October 2022
CyanConnode Holdings plc
("CyanConnode" or "the Company")
Share Subscription
CyanConnode Holdings plc (AIM: CYAN), a world leader in
Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to
announce that GBP500,000 has been raised by a share subscription
for 4,081,632 ordinary shares of 2p each ("Subscription Shares") at
a price of 12.25 pence per share (the "Issue Price") (the
"Subscription"), being the closing mid-market share price on 17
October 2022, the latest dealing day prior to announcement of the
Subscription, with no discount.
Highlights
-- Issue of 4,081,632 Subscription Shares subscribed by an
existing shareholder to raise proceeds of GBP500,000 before
expenses
-- The Issue Price represents the closing mid-market price of
12.25 pence on 17 October 2022, being the latest dealing day prior
to the announcement of the Subscription
-- The net 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 annual general
meeting of the Company held on 21 September 2022 and therefore no
further shareholder approval is required.
Following the admission of the new Ordinary Shares, the
Company's total issued share capital will be 240,652,071 ordinary
shares of 2 pence each. This figure of 240,652,071 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 21
October 2022. The Subscription Shares will rank pari passu in all
respects with the Company's existing ordinary shares of 2 pence
each.
John Cronin, Executive Chairman of CyanConnode, commented:
"I was delighted to be approached by an existing shareholder who
wanted to make a further investment into CyanConnode. Considering
these uncertain times, your Board felt it prudent to accept the
offer, the proceeds of which will be used to bolster working
capital."
Enquiries:
CyanConnode Holdings plc Tel: +44 (0) 1223 865 750
John Cronin, Executive Chairman
Cenkos Securities plc (Nomad and Tel: +44 (0) 20 7397 8900
Broker)
Stephen Keys / Charlie Combe
Arden Partners plc (Joint Broker)
Simon Johnson (Corporate Broking) Tel: +44 (0) 20 7614 5900
About CyanConnode
CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio
Frequency (RF) Smart Mesh Networks, which are used for machine to
machine (M2M) communication. As well as being self-forming and
self-healing, CyanConnode's RF Smart Mesh Networks are designed for
rapid deployment, whilst giving exceptional performance and
competitive total cost of ownership.
In June 2018, CyanConnode launched its award-winning Omnimesh
Advanced Metering Infrastructure (AMI) platform, which has already
gained considerable commercial traction, especially in India which
is a key market for the Company.
Through a Global partner eco-system, which is vendor agnostic,
CyanConnode has several routes to market, therefore it is well
positioned to capitalise upon increasing Global demand for smart
metering solutions.
For more information, please visit www.cyanconnode.com
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