SRT Marine Systems PLC Result of Placing (7872D)
24 June 2023 - 12:47AM
UK Regulatory
TIDMSRT
RNS Number : 7872D
SRT Marine Systems PLC
23 June 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED WITHIN IT (THIS
"ANNOUNCEMENT") IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE
UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE
OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA, COLLECTIVELY THE
"UNITED STATES") OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE,
PUBLICATION OR DISTRIBUTION WOULD BE PROHIBITED BY LAW ("RESTRICTED
JURISDICTION").
FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND
DOES NOT CONSTITUTE AN OFFER IN ANY RESTRICTED JURISDICTION.
Capitalised terms not otherwise defined herein shall have the
meanings given to them in the announcement made by SRT Marine
Systems plc on 23 June 2023 at 07:00 a.m. (the "Launch
Announcement"), unless the context requires otherwise.
For immediate release
23 June 2023
SRT Marine Systems plc
Result of Placing
SRT Marine Systems plc (AIM: SRT), a global provider of
integrated maritime surveillance systems and digital navigation
safety transceivers ("SRT" or the "Company"), is pleased to
announce that further to the Launch Announcement, the Bookbuild has
closed and the Company has conditionally raised gross proceeds of
approximately GBP4.61 million, through the successful placing of
9,220,000 Placing Shares at the Issue Price of 50 pence per New
Ordinary Share, a significant increase to the minimum size of the
Placing described in the Launch Announcement following strong
investor demand.
In addition to the Placing, the Company is also providing Retail
Investors with the opportunity to subscribe for an aggregate of up
to 1,500,000 Retail Shares at the Issue Price on the PrimaryBid
platform, to raise up to approximately GBP0.75 million (before
expenses). The Retail Offer is due to close on 26 June and the
results of the Retail Offer will be announced separately
thereafter.
As a result the gross proceeds from the Fundraising are expected
to be up to GBP5.36 million (before expenses) through the issuance
of up to 10,720,000 New Ordinary Shares.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2023
Announce Close of the Placing 23 June
-------------------
Announce Close of Retail Offer 26 June
-------------------
Commencement of dealings in the New Ordinary Shares 08:00 a.m.
on AIM 30 June
-------------------
Admission of New Ordinary Shares in uncertificated 30 June
form expected to be credited to accounts in CREST
(uncertificated holders only)
-------------------
Expected date of despatch of definitive share certificates Within 10
for the New Ordinary Shares in certificated form business
(certificated holders only) days of Admission
-------------------
Notes
1. Each of the times and dates in the above timetable is subject
to change at the absolute discretion of the Company (with the
agreement of finnCap). If any of the above times and/or dates
change, the revised times and/or dates will be notified to
Shareholders by way of an announcement through a Regulatory
Information Service.
2. References to time in this document are to London time.
Director Participation
Simon Tucker, CEO of the Company, has confirmed that his
participation in the Fundraising will now take place through the
Retail Offer. A further announcement will be made when the results
of the Retail Offer are announced.
Admission
The Placing and Retail Offer are conditional upon, inter alia,
Admission becoming effective.
The New Ordinary Shares will, when issued, be credited as fully
paid and rank pari passu with the Existing Ordinary Shares.
Application will be made to the London Stock Exchange for the
New Ordinary Shares to be admitted to trading on AIM and, subject
to the Placing Agreement not having been terminated in accordance
with its terms, it is expected that Admission will become effective
and trading in the New Ordinary Shares will commence at 8.00 a.m.
on 30 June 2023.
The total voting rights as of Admission will be announced
separately with the results of the Retail Offer.
Enquiries:
SRT Marine Systems plc www.srt-marine.com
+44 (0) 20 7036 1400
Simon Tucker (CEO) simon.tucker@srt-marine.com
Louise Coates (Marketing Manager) louise.coates@srt-marine.com
finnCap Ltd (Nominated Adviser & Broker)
Jonny Franklin-Adams / Teddy Whiley (Corporate Finance)
Tim Redfern / Charlotte Sutcliffe (ECM) +44 (0) 20 7220 0500
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END
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