Strat Aero PLC Notice of General Meeting (4885R)
22 September 2017 - 4:01PM
UK Regulatory
TIDMAERO
RNS Number : 4885R
Strat Aero PLC
22 September 2017
Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support
Services
22 September 2017
Strat Aero plc ("Strat Aero", the "Company" or the "Group")
Notice of General Meeting
Strat Aero plc, the AIM quoted international aerospace company
focused on the Unmanned Aerial Vehicle ("UAV") sector, announces
that a General Meeting of the Company will be held at Hill
Dickinson, 8th Floor, The Broadgate Tower, 20 Primrose Street,
London EC2A 2EW on 17 October 2017 at 10:00 a.m. The Notice of
General Meeting and Forms of Proxy have today been dispatched to
shareholders and will be available shortly on the Company's website
at www.strat-aero.com.
The purpose of the General Meeting is to receive and adopt the
proposal for a sub-division and re-designation of ordinary shares
which will be voted on by shareholders. Under UK Company Law, new
shares cannot be issued at a subscription price which is less than
the par value of shares of the same class. Strat Aero's existing
ordinary shares have a par value of 0.1p per share. As the
mid-market closing price of the existing ordinary shares on 21
September 2017 (being the last practicable time prior to the
publication of this announcement) was 0.07 pence, the Company is
not currently able to raise new equity capital. The Company
anticipates that additional funding will be required in due course.
While the board expects to evaluate various financing options the
board considers that the proposed sub-division and re-designation
of the ordinary shares will aid financing flexibility. The
effective time and date of the sub-division and re-designation of
ordinary shares will be 8.00 a.m. on 18 October 2017, subject to
shareholder approval.
- ENDS -
For further information please visit www.strat-aero.com or
contact:
Strat Aero plc Tel: +44 (0) 1293 804741
Graham Peck (Chairman)
SP Angel Corporate Finance LLP Tel: +44 (0) 20 3470
0470
Nominated Adviser and Joint
Broker
Stuart Gledhill
Jeff Keating
Beaufort Securities Limited Tel: +44 (0) 20 7382
8300
Joint Broker
Elliot Hance
Cornhill Capital Ltd Tel: +44 (0) 20 3700
2500
Joint Broker
Nick Bealer
St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
Financial PR
Susie Geliher
Frank Buhagiar
Notes
Strat Aero plc is a multi-divisional international aerospace
services company, focused primarily on the provision of complete
client solutions in the Unmanned Aerial System ('UAS' market),
which is predicted to show exponential growth over the coming
decade. Commercial and military applications in UASs are expected
to be a dynamic growth sector in the aerospace industry over the
next 10 years with the UAS market forecast to grow to more than
US$82.1 billion between 2015 and 2025 (AUVSI Economic Report 2013)
and the global airborne Intelligence, Surveillance and
Reconnaissance ('ISR') market estimated to grow to US$19.23 billion
by 2023.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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