SerVision plc Subscription - Receipt of First Payment (1479Y)
01 March 2017 - 6:01PM
UK Regulatory
TIDMSEV
RNS Number : 1479Y
SerVision plc
01 March 2017
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR").
1 March 2017
SerVision PLC
("SerVision" or "the Company")
Further re. subscription to raise $2.0 million and issue of
equity
Receipt of funds
SerVision AIM: (SEV), a leader in mobile live video streaming
over wireless and cellular networks, announces that, further to the
announcement of 22 February 2017 regarding the $2.0 million of new
capital from Cascade SVP, LLC ("Cascade"), the Company has received
the first payment of $1.0 million. Consequently, the Company has
today allotted to Cascade 7,044,542 new ordinary shares at a price
of 11.4 pence per share (the "New Ordinary Shares").
As announced by the Company on 22 February 2017, the second
tranche of US$1.0 million is due from Cascade in 90 days from 22
February 2017.
Admission of the New Ordinary Shares to trading on AIM
Following receipt of the initial $1.0 million from Cascade,
application has been made to the London Stock Exchange for the
7,044,542 New Ordinary Shares to be admitted to trading on AIM
("Admission"). The New Ordinary Shares will rank pari passu in all
respects with the existing ordinary shares of the Company. It is
expected that Admission will become effective and that dealings in
the New Ordinary Shares will become effective at 8.00 a.m. on 7
March 2017.
Major shareholdings
Following the issue of the New Ordinary Shares, Cascade will
have a beneficial interest in 7,044,542 ordinary shares of 1 pence
each in the Company ("Ordinary Shares") representing 5.3 per cent.
of the enlarged share capital of the Company.
Further to the announcements of 22 February 2017 and 23 February
2017, Gidon Tahan (Chairman and CEO of the Company) continues to
retain full ownership over, and the voting rights to, 9,857,881
Ordinary Shares representing 7.37 per cent. of the enlarged share
capital of the Company.
Further to the announcements of 22 February 2017 and 23 February
2017 the Company confirms that, following the issue of the New
Ordinary Shares to Cascade, the guarantee provided by Gidon Tahan
to Cascade will only result in an obligation to transfer shares to
Cascade in the event that the Company fails to issue to Cascade the
second tranche of new Ordinary Shares in accordance with the terms
of its subscription agreement. The Company believes that such
circumstances are extremely unlikely. The guarantee will cease on
the issue of the second tranche of subscription shares to
Cascade.
Total voting rights
Following Admission of the New Ordinary Shares, the Company's
issued ordinary share capital will consist of 133,846,293 Ordinary
Shares with one voting right per share. The Company does not hold
any Ordinary Shares in treasury. Therefore, the total number of
Ordinary Shares and voting rights in the Company will be
133,846,293. 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 to their interest in, the share capital of the Company.
-ends-
For further information:
SerVision plc +972 2535 0000
Gidon Tahan, Chairman and CEO
Allenby Capital Limited (Nominated +44 (0)20 3328
Adviser and Joint Broker) 5656
Nick Athanas / James Reeve
Beaufort Securities Limited (Joint
Broker)
+44 (0)20 7382
Elliot Hance 8300
Leander PR (Financial PR)
+44 (0)7795 168
Christian Taylor-Wilkinson 157
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
MSCOKDDNABKKCNK
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March 01, 2017 02:01 ET (07:01 GMT)
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