Hardide PLC Fundraise by way of Subscription (7037G)
09 August 2016 - 11:18PM
UK Regulatory
TIDMHDD
RNS Number : 7037G
Hardide PLC
09 August 2016
Hardide plc
("Hardide" or "the Group" or "the Company")
Fundraise by way of Subscription
Hardide (AIM: HDD), the provider of advanced surface coating
technology, is pleased to announce that it has raised GBP0.53m via
a subscription for 65,987,500 new ordinary shares of 0.1p each in
the capital of the Company ("Ordinary Shares" and "New Ordinary
Shares") at a price of 0.8 pence per New Ordinary Share (the
"Subscription") by Directors and private investors.
The Board remains committed to its investment program, despite
the prevailing macro-economic climate that has affected demand from
the Company's core market of oil services. The funds received by
the Company pursuant to the Subscription will be used to invest in
a range of projects that the Board believes will enhance
shareholder value. The Company had GBP1m cash on its balance sheet
as at 31(st) March 2016. Current trading remains as set out in the
Company's announcement of 6(th) June 2016. All Directors in the
Company will be participating in the Subscription (Andrew Boyce
through his father, Robert Boyce, on behalf of the Boyce family),
about which further information appears below.
The Board is aware of additional interest from institutional and
certain private investors ("Interested Parties") and that some of
these Interested Parties require specific confirmation from Her
Majesty's Revenue & Customs that the funds raised will be
eligible for EIS tax relief. The Company therefore intends to
obtain such confirmation and then conduct a further fundraising at
the same price as the Subscription in order to allow these
Interested Parties to subscribe for Ordinary Shares, although there
is no obligation for them to do so. The Board does not currently
intend for the further fundraise to exceed the maximum pre-emption
allowance and therefore, taking account of the Subscription amount
this further fundraise is not expected to exceed GBP1.07 million.
Shareholders should note that there is no guarantee that a further
fundraise will take place.
Application has been made for the New Ordinary Shares issued
pursuant to the Subscription to be admitted to trading on AIM and
admission is expected to take place on 15(th) August 2016
("Admission"). The New Ordinary Shares issued pursuant to the
Subscription will rank pari passu with existing Ordinary Shares.
Following Admission, the issued share capital of the Company will
be 1,400,691,804 ordinary shares of 0.1p, each with one voting
right. The Company does not hold any ordinary shares in treasury.
Therefore the total number of ordinary shares and voting rights in
the Company is 1,400,691,804.
The above 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 change to
their interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Following Admission the following Directors will have the
following interests in the Company:
Director Current Shares Resulting Holding
Holding Acquired
-------------------- ---------- ---------- --------------------
Number %
-------------------- ---------- ---------- ------------ ------
Robert Goddard
(Chairman) 4,223,050 2,500,000 6,723,050 0.48%
-------------------- ---------- ---------- ------------ ------
Jan Ward
(Non-Executive
Director)* - 1,250,000 1,250,000 0.09%
-------------------- ---------- ---------- ------------ ------
Andrew Boyce See below**
(Non-Executive
Director)
-------------------- --------------------------------------------
Philip Kirkham
(Chief Executive) 754,717 1,250,000 2,004,717 0.14%
-------------------- ---------- ---------- ------------ ------
Yuri Zhuk
(Technical
Director) 5,031,132 1,250,000 6,281,132 0.45%
-------------------- ---------- ---------- ------------ ------
Peter Davenport
(Finance
Director) 3,126,667 1,250,000 4,376,667 0.31%
-------------------- ---------- ---------- ------------ ------
* Jan Ward's shares will be held through J Holmes Ltd, a private
company jointly owned by Mrs Ward and her husband
**Although Andrew Boyce holds no shares in his own name, he
represents family and trust holdings currently totalling
254,046,226 shares. Mr Boyce's father, Robert Boyce, will be taking
up 12,500,000 Ordinary Shares in the Subscription on behalf of the
Boyce family and the Boyce family will therefore have a resultant
holding of 266,546,226 Ordinary Shares representing 19.03% of the
Company's issued share capital.
The information in this announcement contains inside information
for the purposes of Article 7 of the Market Abuse Regulation (EU)
No. 596/2014.
For further information:
Hardide plc Tel: +44 (0) 1869 353
Philip Kirkham, CEO 830
Jackie Robinson, Communications
Manager
finnCap Tel: +44 (0)20 7220
Stuart Andrews / Grant 0500
Bergman / James Thompson
Notes to editors:
www.hardide.com
Hardide develops, manufactures and applies advanced technology
tungsten-carbide coatings to a wide range of engineering
components. Its patented technology is unique in combining, in one
material, a mix of toughness and resistance to abrasion, erosion
and corrosion; together with the ability to coat accurately
interior surfaces and complex geometries. The material is proven to
offer dramatic improvements in component life, particularly when
applied to components that operate in very aggressive environments.
This results in cost savings through reduced downtime and increased
operational efficiency. Customers include leading companies
operating in oil and gas exploration and production, valve and pump
manufacturing, nuclear, advanced engineering and aerospace
industries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCSSMFDUFMSEFA
(END) Dow Jones Newswires
August 09, 2016 09:18 ET (13:18 GMT)
Hardide (LSE:HDD)
Historical Stock Chart
From Apr 2024 to May 2024
Hardide (LSE:HDD)
Historical Stock Chart
From May 2023 to May 2024