TIDMOSI
RNS Number : 6259Q
Osirium Technologies PLC
22 October 2019
Osirium Technologies plc
("Osirium", the "Company" or the "Group")
Result of fundraise
Osirium Technologies plc (AIM: OSI.L), a leading vendor of
cloud-based cybersecurity software, is pleased to announce the
completion of the fundraise announced yesterday. The Company has
conditionally placed an aggregate sum of approximately GBP4.78
million (before expenses, fees and commissions) by:
-- an issue of 1,412,847 new Ordinary Shares in the Company (the
"Subscription Shares") at the Placing Price referred to below
raising approximately GBP494,500 (the "Subscription");
-- the issue (the "Convertible Loan Note Issue") of GBP2,700,000
of Convertible Unsecured 7.5% Notes due 2024 (the "Convertible Loan
Notes") with a conversion rate of 40 pence for each Ordinary Share
(subject to reduction in limited circumstances as set out in the
Convertible Loan Note Instrument, a copy of which will be available
for view on the Company's website: https://osirium.com/investors/);
and
-- a placing (the "Placing") of 4,528,597 new Ordinary Shares in
the Company (the "Placing Shares"), at a price of 35 pence per
share (the "Placing Price"), raising approximately GBP1,585,000
The Placing Shares were offered by way of an accelerated
bookbuild ("Bookbuild"). Stifel Nicolaus Europe Limited ("Stifel")
acted as Nomad, sole Broker and sole Bookrunner in connection with
the Bookbuild.
Application has been made for Admission of the Placing Shares
and the Subscription Shares and it is expected that Admission will
become effective and that dealings in the Placing Shares and the
Subscription Shares will commence at 8.00 a.m. on 25 October 2019.
The Placing Shares and the Subscription Shares will rank pari passu
in all respects with the Existing Ordinary Shares.
Following Admission, the Company will have 19,495,655 Ordinary
Shares in issue (the "Enlarged Share Capital"). The total number of
shares to be issued represents approximately 44 per cent. of the
Company's existing share capital and approximately 30 per cent. of
the Enlarged Share Capital. The Placing Price represents a premium
of approximately 3 per cent. to the closing mid-price of 34 pence
on 18 October 2019, being the last business day immediately prior
to the announcement of the fundraise.
The net proceeds of the Placing, the Subscription and the
Convertible Loan Note Issue (being approximately GBP4.3 million)
will be used to fund the Company's growth, strengthen its balance
sheet and support key hires in marketing and product
development.
David Guyatt, Chief Executive Officer, said: "We would like to
thank both new and existing shareholders for their support.
Furthermore, the substantial participation in the fundraise by our
employees demonstrates the commitment our team has in the business,
the excitement for the massive opportunity ahead of us and a firm
belief in our ability to execute.
"The funds raised will ensure the Group is well resourced as the
business expands and further supports the acceleration of the
Group's growth strategy. The strategy we have in place continues to
gain traction, evidenced by strong growth in bookings, which for
the year ending 31 December 2019 are expected to be materially
ahead of the prior period. The Board remains very confident in the
Group's prospects and believes Osirium has a unique proposition and
is well placed to prosper as cybersecurity remains a key priority
for corporates globally."
The Subscription
Of the total Subscription, the Company announces that the
Directors* have agreed to subscribe for an aggregate of 794,283 new
Ordinary Shares at the Placing Price to raise approximately
GBP278,000 (before expenses) as summarised below:
Directors Existing number Number of Total number Percentage
of Ordinary Subscription of Ordinary of Enlarged
Shares Shares Shares following Share Capital
the Subscription
Simon Lee 126,861 142,857 269,718 1.38%
---------------- -------------- ------------------ ---------------
David Guyatt* 1,014,840 428,571 1,443,411 7.40%
---------------- -------------- ------------------ ---------------
Rupert Hutton* - 137,142 137,142 0.70%
---------------- -------------- ------------------ ---------------
Stephen Purdham - 57,142 57,142 0.29%
---------------- -------------- ------------------ ---------------
Simon Hember 75,000 28,571 103,571 0.53%
---------------- -------------- ------------------ ---------------
Total: 1,216,701 794,283 2,010,984 10.32%
---------------- -------------- ------------------ ---------------
* and Spouses
Terms used but not defined in this announcement shall have the
meanings given to such terms in the Announcement made yesterday.
This announcement contains inside information for the purposes of
Article 7 of EU Regulation 596/2014 ("MAR").
The person responsible for arranging the release of this
announcement on behalf of the Group is Martin Kay, Company
Secretary.
- Ends -
For further information:
Osirium Technologies plc Tel: +44 (0) 118 324 2444
David Guyatt, Chief Executive Officer
Rupert Hutton, Chief Financial
Officer
www.osirium.com
Stifel Nicolaus Europe Limited Tel: +44 (0) 20 7710 7600
(Nominated Adviser, Sole Broker
and Bookrunner)
Fred Walsh / Neil Shah
Alma
(Financial PR)
Hilary Buchanan / Josh Royston Tel: +44 (0) 203 405 0205
/ Kieran Breheny
Notes to Editors:
About Osirium
Osirium Technologies plc (AIM: OSI) operates in one of the
fastest growing parts of the cybersecurity market and is a leading
vendor of Privileged Access Security solutions. Osirium's
cloud-based products protect critical IT assets, infrastructure and
devices by preventing targeted cyber-attacks from directly
accessing Privileged Accounts, removing unnecessary access and
powers of Privileged Account users, deterring legitimate Privileged
Account users from abusing their roles and containing the effects
of a breach if one does happen.
Osirium has defined and delivered what the Directors view as the
next generation Privileged Access Management solution. Osirium's
award-winning Privileged Task Management module further strengthens
Privileged Account Security by minimising the cyber-attack surface
and delivering an impressive return on investment benefits for
customers. Building on Osirium's Privileged Task Management module,
in May 2019 Osirium launched Opus, providing a highly-flexible
platform for automating essential IT processes to set a new
benchmark in Privileged Process Automation.
Founded in 2008 and with its headquarters in Reading, UK, the
Group was admitted to AIM in April 2016. For further information
please visit www.osirium.com.
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END
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