TIDMSOLI
RNS Number : 2502S
Solid State PLC
13 July 2022
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED IN IT, IS
RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED
STATES, CANADA, AUSTRALIA, REPUBLIC OF IRELAND, JAPAN OR THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT
WOULD BE UNLAWFUL TO DO SO.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY
SECURITIES IN THE COMPANY. THIS ANNOUNCEMENT AND THE APPENDICES DO
NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION,
RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR,
OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF SOLID STATE PLC
IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD
BE UNLAWFUL.
13 July 2022
Solid State plc
Result of Placing
Notice of General Meeting and posting of Circular
Solid State plc (AIM: SOLI), the specialist value added
component supplier and design-in manufacturer of computing, power
and communications products, is pleased to announce that, further
to the announcement made yesterday, the Company has conditionally
raised approximately GBP26.250 million (before expenses) pursuant
to the Placing. Pursuant to the Placing, 2,561,048 New Ordinary
Shares have been conditionally placed at an issue price of 1,025
pence per share. WH Ireland and finnCap acted as Joint Brokers in
connection with the Placing which was oversubscribed.
As part of the Fundraising, the Company also announced yesterday
details of an Open Offer to be made to Qualifying Shareholders to
raise up to an additional approximately GBP2 million and a
Directors' Subscription to raise up to GBP0.15 million, in each
case at the Issue Price.
The Placing, Open Offer and Directors' Subscription are
conditional on, amongst other matters, the passing of the
Resolution at the General Meeting and upon the Placing and Open
Offer Agreement between the Company WH Ireland and finnCap becoming
unconditional and not being terminated in accordance with its
terms.
Notice of General Meeting and posting of Circular
The Circular, which contains the Notice of General Meeting, in
respect of the Acquisition, Placing, Open Offer and Directors'
Subscription is expected to be posted to Shareholders later today
and will also be available on the Company's website
www.solidstateplc.com .
The General Meeting will be held on 29 July 2022 at 11:00
a.m.
Admission and settlement
Application will be made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM. Subject,
inter alia, to the Resolution being passed, it is expected that
Admission will become effective and that dealings in the New
Ordinary Shares will commence on AIM on 2 August 2022. The New
Ordinary Shares will rank pari passu in all respects with the
Existing Ordinary Shares.
Upon Admission, and assuming full take up of the Open Offer
Shares and the issue of the maximum number of Directors'
Subscription Shares , the Enlarged Issued Share Capital is expected
to be 11,327,624 Ordinary Shares. On this basis, the New Ordinary
Shares will represent approximately 24.5 per cent. of the Enlarged
Issued Share Capital.
Definitions
Capitalised terms used in this announcement have the meanings
given to them in the announcement, released yesterday, unless the
context provides otherwise.
Gary Marsh, Chief Executive of Solid State, said: "We are very
pleased with the backing we have received from investors in this
oversubscribed placing. The funds raised, which are subject to the
approval of shareholders, will support the acquisition of Custom
Power.
"This acquisition meets all four tenets of our growth strategy;
being technology enhancement, internationalisation of the Group,
expansion of own-brand products and talent development.
"Through the acquisition of Custom Power, the Group will be able
to offer a broader product range and greater scale in its
international power business, with the added margin benefits of an
own-brand product portfolio and specialist engineering capability
targeting the security, defence, medical and industrial
markets."
Solid State plc 01527 830 630
Gary Marsh - Chief Executive investor.information@solidstateplc.com
Peter James - Group Finance Director
WH Ireland (Nominated Adviser &
Joint Broker) 0202 220 1666
Mike Coe / Sarah Mather (Corporate
Finance)
Fraser Marshall (Corporate Broking
/ Sales)
finnCap (Joint Broker) 020 7220 0500
Ed Frisby / Kate Bannatyne (Corporate
Finance)
Rhys Williams / Tim Redfern (Sales
/ ECM)
Walbrook PR (Financial PR) 020 7933 8780
Tom Cooper / Paul Vann 0797 122 1972
tom.cooper@walbrookpr.com
Analyst Research Reports: For further analyst information and
research see the Solid State plc website:
https://solidstateplc.com/research/
Notes to Editors:
Solid State plc (SOLI) is a value added electronics group
supplying commercial, industrial and military markets with durable
components, assemblies and manufactured units for use in specialist
and harsh environments. The Group's mantra is - 'Trusted technology
for demanding applications'. To see an introductory video on the
Group
- https://bit.ly/3kzddx7
Operating through two main divisions: Systems (Steatite &
Active Silicon) and Components (Solid State Supplies, Pacer, Willow
Technologies & AEC); the Group specialises in complex
engineering challenges often requiring design-in support and
component sourcing for computing, power, communications,
electronic, electro-mechanical and opto-electronic products.
Headquartered in Redditch, UK, Solid State employs approximately
300 staff across UK and US, serving specialist markets in
industrial, defence and security, transportation, medical and
energy.
Solid State was established in 1971 and admitted to AIM in June
1996. The Group has grown organically and by acquisition - having
made 12 acquisitions since 2002.
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