SerVision plc Subscription to raise £911,927 (9923N)
22 May 2015 - 4:01PM
UK Regulatory
TIDMSEV
RNS Number : 9923N
SerVision plc
22 May 2015
SerVision PLC
("SerVision" or the "Company")
Subscription to raise GBP911,927
SerVision (AIM: SEV), the AIM quoted developer and manufacturer
of digital security systems, is pleased to announce that it has
conditionally raised GBP911,927 (before expenses) through the
subscription for 17,537,059 new ordinary shares of 1p each in the
Company (the "Subscription Shares") with existing investors and new
shareholders, at a price of 5.2 pence per Subscription Share (the
"Subscription"). The net proceeds of the Subscription will be used
to satisfy the Company's existing order book and for general
working capital purposes.
A total of GBP513,836, representing the issue of 9,881,466
Subscription Shares (the "Firm Subscription Shares"), has been
raised within the Company's existing share authorities put in place
at the Company's annual general meeting held on 30 July 2014. The
issue of the Firm Subscription Shares is conditional only upon
admission of the Firm Subscription Shares to trading on AIM ("First
Admission"). Application will be made shortly for the Firm
Subscription Shares, which will be issued paid up and rank pari
passu with the existing ordinary shares of 1 pence each in the
capital of the Company, to be admitted to trading on AIM. It is
expected that First Admission will take place on or around 29 May
2015.
The Subscription balance of GBP398,091 (the "Conditional
Subscription Amount"), representing the issue of 7,655,593
Subscription Shares to Gabriel Sassoon (the "Conditional
Subscription Shares"), is conditional upon shareholder approval
through the passing of certain resolutions to be proposed at a
general meeting of the Company to be convened and admission of the
Conditional Subscription Shares to trading on AIM ("Second
Admission"). Mr Sassoon is an existing shareholder of SerVision and
is beneficially interested in 8.25% of the current issued share
capital of SerVision (prior to the issue of the Subscription
Shares). The Company will despatch in due course a circular to
shareholders of SerVision convening a general meeting of the
Company. The Conditional Subscription Amount has been received by
the Company. Should shareholder approval of the resolutions at the
general meeting not be forthcoming, the Conditional Subscription
Amount will be returned to Gabriel Sassoon.
The Subscription price of 5.2 pence represents a 26.1 per cent.
premium to the Company's closing mid market price of 4.125 pence on
21 May 2015, being the latest practicable business day prior to
this announcement. The Subscription Shares will represent 19.88 per
cent. of the enlarged issued share capital of the Company.
Following First Admission the total enlarged issued share
capital of SerVision will be 80,572,429 ordinary shares of 1p each.
Until the Second Admission, this figure may be used by shareholders
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
Following completion of the Subscription there will be
88,228,022 ordinary shares of 1 pence each in the Company in
issue.
Grant of options
The Company has also agreed to grant the following options to
the following persons:
- Gabriel Sassoon, the largest investor in the Subscription, has
conditionally been granted options over 6,346,154 new ordinary
shares in the Company, exercisable at a price of 5.2 pence per
share (equivalent to the Subscription price) anytime between the
date of the general meeting, which is to be convened shortly, and 1
November 2015. The grant of the options is subject to approval by
shareholders at a forthcoming general meeting and Mr Sassoon and
the Company entering into an option agreement. Any future exercise
of the options will be at the sole discretion of Mr Sassoon and
will also be conditional on the Company having sufficient share
authorities in place to enable the exercise of the options; and
- Eliyahu Greineman, an investor in the Subscription and a
procurer of certain other subscribers in the Subscription, has
conditionally been granted options over 6,346,154 new ordinary
shares in the Company, exercisable at a price of 10.4 pence per
share (equivalent to a 100% premium to the Subscription price)
anytime between the date of the general meeting, which is to be
convened shortly, and 1 May 2017. The grant of the options is
subject to approval by shareholders at a forthcoming general
meeting and Mr Greineman and the Company entering into an option
agreement. Any future exercise of the options will be at the sole
discretion of Mr Greineman and will also be conditional on the
Company having sufficient share authorities in place to enable the
exercise of the options.
Gidon Tahan, Chairman and CEO of SerVision, commented, "I am
pleased to raise further funding from a small group of existing
shareholders and new investors at a premium to the current
prevailing share price. This funding will provide the company with
further working capital to fulfil its order book. I am encouraged
by the existing pipeline and the prospects for 2015, and
beyond."
-ends-
SerVision plc +972 2535 0000
Gidon Tahan, Chairman and CEO
Allenby Capital Limited (Nominated Adviser
and Broker) +44 (0)20 3328 5656
Nick Athanas / James Reeve
Leander (Financial PR) +44 (0)7795 168 157
Christian Taylor-Wilkinson
Notes to editors
SerVision is a pioneer in the field of security communications
technology and a leading developer and manufacturer of fully
integrated video recording and transmission systems for homeland
security and transportation applications. The Company's core
technology is proprietary video compression which is optimised for
streaming real-time video over any type of cellular or narrowband
network.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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