TIDMGUN
RNS Number : 7075P
Gunsynd PLC
11 June 2020
11 June 2020
Gunsynd PLC
("Gunsynd" or the "Company")
Placing and Conditional Placing to Raise GBP600,000
Gunsynd (AIM: GUN, AQSE: GUN) announces that it has today
placed, through its broker, Peterhouse Corporate Finance
("Peterhouse"), 92,307,692 new ordinary shares to raise gross
proceeds of GBP600,000. Of this number, 74,520,893 new ordinary
shares have been placed at a price of 0.65 pence per share (the
"Placing Price"), representing a 3.7% discount to the closing
mid-market price on 10 June 2020, raising gross proceeds of
GBP484,386 (the "Firm Placing").
The balance of 17,786,799 new ordinary shares have been placed
conditionally on shareholder approval being given for requisite
authorities to be granted at a general meeting of the Company to be
held on or around 30 June 2020, at the Placing Price raising gross
proceeds of GBP115,614 (the "Conditional Placing"). A circular
convening the general meeting (the "General Meeting") will be sent
to shareholders shortly and a further announcement will be made
accordingly.
Subject to shareholder approval at the General Meeting for the
requisite authorities, placees will also receive one warrant for
every three ordinary shares subscribed for, exercisable at 1.3
pence (the "Placing Warrants") and expiring on the two-year
anniversary of the date of issue. In aggregate, 30,769,231 Placing
Warrants have been conditionally issued. In addition, as part of
the broker's commission arrangements, a further 2,769,231 broker
warrants have been issued subject to shareholder approval for the
requisite authorities, on the same terms as the Placing
Warrants.
The net proceeds of the Placing will provide the Company with
additional funding to progress its activities and make investments
in line with its stated investing policy.
Related Party Transactions
Hamish Harris and Donald Strang, Directors of the Company, have,
on the same terms as the Placees above, subscribed for GBP39,000 in
aggregate, being 6 million new ordinary shares in the placing
representing 6.5% of the total Pacing ("Director Participation").
The Director Participation shares will be issued as part of the
Conditional Placing. Further, as participants in the placing on the
same terms as the Placees above, Hamish Harris and Don Strang will
each receive Placing Warrants, issued conditionally at one warrant
for every three ordinary shares subscribed for on the same terms as
the Placees.
The shareholdings of the Directors in question both prior to and
subsequent to the Director Participation, if the Conditional
Placing proceeds, are as follows:
Director No. of Subscription Resultant % of issued
shares shares no. of shares share capital
Hamish Harris 1,161,476 2,000,000 3,161,476 1.90
---------- ------------- --------------- ---------------
Donald Strang 4,450,980 4,000,000 8,450,980 5.07
---------- ------------- --------------- ---------------
The subscriptions described above, including the issue of the
Placing Warrants, are deemed to be related party transactions for
the purposes of Rule 13 of the AIM Rules. Peter Ruse, being the
sole independent director of the Company for the purposes of this
subscription, considers, having consulted with the Company's
Nominated Adviser, that the terms of the subscriptions and the
issue of the Placing Warrants are fair and reasonable insofar as
shareholders are concerned.
The Firm Placing Shares will rank pari passu with the existing
Ordinary Shares and an application has been made to the London
Stock Exchange for admission of the 74,520,893 Firm Placing shares
to trading on AIM ("Admission"). Admission is expected to occur at
8.00 a.m. on or around 17 June 2020. A further announcement will be
made regarding the Conditional Placing in due course.
Total voting rights
Following Admission, the Company's issued share capital will
comprise 149,041,786 Ordinary Shares with voting rights. The
Company does not hold any Ordinary Shares in treasury. The figure
of 149,041,786 Ordinary Shares may therefore be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
The Directors of Gunsynd accept responsibility for this
announcement.
For further information, please contact:
Gunsynd plc
Hamish Harris +44 20 7440 0640
Cairn Financial Advisers LLP
James Caithie / Liam Murray +44 20 7213 0880
Peterhouse Capital Limited
Lucy Williams +44 20 7469 0930
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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June 11, 2020 08:23 ET (12:23 GMT)
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