Starcom PLC Placing (0540P)
May 23 2018 - 7:37AM
UK Regulatory
TIDMSTAR
RNS Number : 0540P
Starcom PLC
23 May 2018
23 May 2018
Starcom Plc
("Starcom" or the "Company")
Placing
Starcom (AIM: STAR), which specialises in the development of
wireless solutions for the remote tracking, monitoring and
protection of a variety of assets and people, is pleased to
announce that the Company has conditionally raised GBP365,000
before expenses through a placing by Peterhouse Capital Limited of
14,600,000 new Ordinary Shares of no par value (the "Placing
Shares") at a price of 2.5p per Placing Share, being the closing
bid price on 22 May 2018 (the "Placing"). The Placing is with new
and existing shareholders.
The Company is experiencing significant growth in revenues which
it expects to continue following the early launch of the Watchlock
Cube and increased demand from CropX, one of the Company's main
customers. The net proceeds of the Placing will be used to build on
this current growth and also enable the Company to negotiate more
favourable terms with suppliers.
Application for Admission
Application has been made for the Placing Shares, which will
rank pari passu with the Company's existing Ordinary Shares, to be
admitted to trading on AIM ("Admission"). It is anticipated that
Admission will become effective at 8.00 a.m. on 29 May 2018.
Total voting rights
Following Admission, the Company's enlarged issued share capital
will comprise 273,142,846 Ordinary Shares. The Company does not
hold any shares in treasury. Therefore, the total number of
Ordinary Shares with voting rights will be 273,142,846. This figure
may 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 Guidance
and Transparency Rules.
Michael Rosenberg, Chairman of Starcom commented, "The funds
from the Placing will primarily allow us to respond to market
demand for our products, while giving us more negotiating power
with our suppliers. The accelerated launch of the Watchlock Cube,
some three months ahead of schedule, means that an increase in
manufacturing is highly likely and we believe it prudent to be
prepared for this possibility.
"The increase in revenues which the board reported at the end of
Q1 in its AGM statement on 9 April is continuing into the second
quarter."
Market soundings, as defined in the Market Abuse Regulation
("MAR"), were taken in respect of the Placing with the result that
certain persons became aware of inside information, as permitted by
MAR. That inside information is set out in this announcement and
has been disclosed as soon as possible in accordance with paragraph
7 of article 17 of MAR. Therefore, those persons that received
inside information in a market sounding are no longer in possession
of inside information relating to the Company and its
securities.
Enquiries
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5447 35663
Northland Capital Partners Limited (Nominated Adviser and Broker) 020 3861 6625
Matthew Johnson / Edward Hutton (Corporate Finance)
John Howes (Sales and Broking)
Peterhouse Capital Limited (Joint Broker) 020 7469 0930
Lucy Williams / Duncan Vasey / Eran Zucker
Leander PR (Financial PR) 07795 168 157
Christian Taylor-Wilkinson
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END
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