TIDMSOLI
RNS Number : 2782U
Solid State PLC
29 July 2022
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
ARTICLE 7 OF THE EU REGULATION 596/2014 AS IT FORMS PART OF THE UK
LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("MAR").
UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY
INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
29 July 2022
Solid State plc
("Solid State", the " Group " or the "Company" )
Result of General Meeting and Open Offer
Total Voting Rights
Solid State (AIM: SOLI), the specialist value added component
supplier and design-in manufacturer of computing, power and
communications products, announces that the Resolution put to
Shareholders at the General Meeting held earlier today in
connection with the Placing, Open Offer and Directors' Subscription
to inter alia fund the Initial Consideration of the Acquisition of
Custom Power, was duly passed . Accordingly, the Fundraising
announced on 12 July 2022 is expected to complete, conditional on
Admission, on 2 August 2022. Completion of the Acquisition of
Custom Power is expected to take place on or around 5 August 2022.
The results of the voting will be included on the Company's website
in due course, www.solidstateplc.com .
The Open Offer closed for applications, in accordance with its
terms, at 11.00 a.m. on 28 July 2022 and the Company announces that
valid applications, for both Basic Entitlements and Excess
Applications were received from Qualifying Shareholders for a total
of 182,322 New Ordinary Shares. As a result, a total of 182,322 New
Ordinary Shares will be issued in connection with the Open Offer.
All valid application of Qualifying Shareholders' Basic
Entitlements and Excess Applications will be met in full.
The total amount raised in the Fundraising is approximately
GBP28.26 million (before expenses) by way of:
-- a Placing of 2,561,048 New Ordinary Shares at 1,025 pence per share to raise approximately GBP26.25 million
(before expenses);
-- the issue of 182,322 New Ordinary Shares at 1,025 pence per share to Qualifying Shareholders pursuant to the
Open Offer raising approximately GBP1.87 million (before expenses); and
-- a Directors' Subscription of 14,146 New Ordinary Shares at 1,025 pence per share raising approximately GBP0.145
million (before expenses)
Application has been made to the London Stock Exchange for the
admission of 2,757,516 New Ordinary Shares to trading on AIM. This
comprises 2,561,048 Placing Shares, 182,322 Open Offer Shares and
14,146 Directors' Subscription Shares. The New Ordinary Shares will
rank pari passu with the existing Ordinary Shares. It is expected
that Admission will become effective at 8.00 a.m. on 2 August
2022.
Total Voting Rights
Following Admission, the Company's issued share capital will
consist of 11,322,394 Ordinary Shares of which 6,946 Ordinary
Shares are held in treasury. Therefore, the total number of voting
rights in the Company is 11,315,448. Shareholders may use this
figure 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 Company under the FSA's Disclosure
and Transparency Rules.
This announcement should be read in conjunction with the full
text of the Circular posted to Shareholders on 13 July 2022 copies
of which are available on the Company's website at
www.solidstateplc.com . Ca pitalised terms in this announcement
have the same meaning as given in the Circular.
For further information please contact:
Solid State plc 01527 830 630
Gary Marsh - Chief Executive investor.information@solidstateplc.com
Peter James - Group Finance Director
WH Ireland (Nominated Adviser &
Joint Broker) 020 7220 1666
Mike Coe / Sarah Mather (Corporate
Finance)
Fraser Marshall (Corporate Broking/
Sales)
finnCap (Joint Broker) 020 7220 0500
Ed Frisby / Kate Bannatyne (Corporate
Finance)
Rhys Williams / Tim Redfern (Sales
/ ECM)
Walbrook PR (Financial PR) 020 7933 8780
Tom Cooper / Paul Vann 0797 122 1972
tom.cooper@walbrookpr.com
Analyst Research Reports: For further analyst information and
research see the Solid State plc website:
https://solidstateplc.com/research/
Notes to Editors:
Solid State plc (SOLI) is a value added electronics group
supplying commercial, industrial and military markets with durable
components, assemblies and manufactured units for use in specialist
and harsh environments. The Group's mantra is - 'Trusted technology
for demanding applications'. To see an introductory video on the
Group
- https://bit.ly/3kzddx7
Operating through two main divisions: Systems (Steatite &
Active Silicon) and Components (Solid State Supplies, Pacer, Willow
Technologies & AEC); the Group specialises in complex
engineering challenges often requiring design-in support and
component sourcing for computing, power, communications,
electronic, electro-mechanical and opto-electronic products.
Headquartered in Redditch, UK, Solid State employs approximately
300 staff across UK and US, serving specialist markets in
industrial, defence and security, transportation, medical and
energy.
Solid State was established in 1971 and admitted to AIM in June
1996. The Group has grown organically and by acquisition - having
made 12 acquisitions since 2002.
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