Falanx Group Limited Issue of Equity (3016H)
November 14 2018 - 2:42AM
UK Regulatory
TIDMFLX
RNS Number : 3016H
Falanx Group Limited
14 November 2018
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
Falanx Group Limited
("Falanx" or "the Company")
Issue of Equity
Falanx Group (AIM: FLX) ("Falanx" or "the Group" or "the
Company" announces that on 14th of November 2018, the Company has
issued 138,500,000 new ordinary shares of no par value in the
capital of the Company ("Ordinary Shares") due to institutional
demand ("the Subscription"). The Subscription has raised gross
proceeds of GBP4,155,000 at a price of 3 pence per share.
This Subscription is almost entirely comprised of new
institutional investors, including Miton Asset Management and Amati
Global Investors. The proceeds will enable the Company to:
-- Invest in delivery capabilities around a larger scale
deployment into the SolarWinds customer base, by financing the
additional sales, marketing, operations staff and required
corporate infrastructure. This will include further technology
investment, application rollout and Security Operations Centre
expansion, to seamlessly handle much larger volumes;
-- Address and accelerate incremental sales opportunities across the whole Group;
-- Increase customer and partner confidence due to a significantly strengthened balance sheet;
-- Provide (through non EIS/VCT monies) funding for
opportunistic but earnings enhancing acquisitions.
Building on the progress detailed in the interim results for the
six months ended 30 September 2018 released earlier today, the
proceeds of the Subscription will allow the Company to undertake
certain incremental initiatives of both a capital and operational
nature. This will assist the business to drive and accelerate
incremental returns over future periods and these are now expected
to be greater than those originally envisaged.
Save for the routine issuance of shares under option and for
warrant agreements for the incentivisation of staff, the Company
does not expect to be issuing further equity save for a major
incremental value creating project or earnings enhancing
acquisitions.
Mike Read, Chairman and Chief Executive, commented;
"I am delighted the strength of our business and our future
opportunities has attracted several new institutional investors,
who have provided Falanx with a strong capital base for the future.
This new support will enable the Group to grow in a rapidly
expanding market, creating increased value for all our
shareholders"
Total Voting Rights and Admission
Application will be made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM ("Admission").
The Subscription Shares will rank pari passu in all respects with
the existing ordinary shares, including the right to receive all
dividends and other distributions declared, made or paid in respect
of the Ordinary Shares following Admission. It is expected that
Admission will become effective, and that dealings on AIM will
commence on or around, 8.00 a.m. on 20 November 2018.
Following Admission, the Company will have 400,401,186 Ordinary
Shares in issue. The Company does not hold any Ordinary Shares in
treasury. Therefore, the total number of Ordinary Shares with
voting rights in the Company will be 400,401,186. The above figure
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 FCA's Disclosure Guidance and Transparency Rules
sourcebook.
Enquiries:
Falanx Group Limited www.falanx.com
Mike Read, Chief Executive Officer
SPARK Advisory Partners Limited
Nominated Adviser
Matt Davis / James Keeshan +44 (0) 203 368 3551
Turner Pope Investments (TPI)
Ltd
Broker
Ben Turner / James Pope
IFC Advisory Ltd +44 (0) 203 621 4120
Financial PR & IR
Graham Herring
Miles Nolan
Zach Cohen +44 (0) 203 934 6630
About Falanx
Falanx Group Limited, is a global intelligence and cyber defence
provider working with blue chip and government clients. It operates
the MidGARD cyber monitoring platform for corporate and
governmental customers which utilises a combination of proprietary
and third-party processes and technologies. For more information:
http://www.falanx.com/
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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