THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 (WHICH
FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("UK MAR").
28 March 2024
SYMPHONY ENVIRONMENTAL
TECHNOLOGIES PLC
("Symphony" or the
"Company")
Result of PrimaryBid
Offer
Symphony Environmental Technologies
plc (AIM: SYM), is pleased to announce the completion of the
PrimaryBid Offer that was launched on 22 March 2024.
Following the successful completion
of the Subscription, as announced by the Company on 22 March 2024
(the "Result of Subscription Announcement"), retail investors
have subscribed via the PrimaryBid platform for a total of
1,220,887 new Ordinary Shares at an issue price of 3.5
pence per Ordinary Share, ("PrimaryBid Shares") raising
gross proceeds of approximately £42,731.
The PrimaryBid Shares, like the
Conditional Subscription Shares are conditional, inter alia, on the passing of
Resolutions by Shareholders at the GM. If the Resolutions are
passed, the 19,535,700 Conditional Subscription Shares and
1,220,887 PrimaryBid Shares are expected to be admitted to trading
on AIM on 22 April 2024. Should the Resolutions not be passed,
neither the Conditional Subscription Shares nor the PrimaryBid
Shares will be issued.
The Subscription Shares and
PrimaryBid Shares will represent, on completion, 17.4 per cent. and
0.5 per cent. respectively of the Company's Enlarged Share Capital
following Admission (assuming the Conditional Subscription and the
issue of the PrimaryBid Shares is approved by
Shareholders).
Michael Laurier, CEO of Symphony
Environmental Technologies plc, said:
"On behalf of the Board, I would
like to thank those who invested for their support in Symphony. Due
to the successful £1.4 million equity subscription, the matched
issue price, being a 67% premium on the prevailing market price
when we launched the PrimaryBid Offer, was always going to limit
interest in the offer, and the amount raised. The Board believes it
was nevertheless the right thing to do and hope that it has
attracted new interest in Symphony going forward.
We look forward to announcing
further positive developments in the business now that we have
completed this capital investment initiative."
Admission, Settlement and Total
Voting Rights
The current issued share capital of
the Company is 204,342,533 Ordinary Shares with one voting right
each. The Company does not hold any shares in Treasury.
An application will be made to
the London Stock Exchange for the 19,535,700 Conditional
Subscription Shares and 1,220,887 PrimaryBid Shares to be
admitted to trading on AIM. It is expected that Admission will
become effective and dealings in the Conditional Subscription
Shares and PrimaryBid Shares to be issued pursuant to the
Fundraise will commence on or around 22 April 2024, subject to the
passing of the Resolutions at the GM to be held on 19 April 2024
("Admission").
Following Admission, there will be a
total of 225,099,120 Ordinary Shares in issue, none of which are
held in Treasury. Shareholders should use the figure of 225,099,120
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 FCA's Disclosure
and Transparency Rules.
The new Ordinary Shares to be issued
pursuant to the PrimaryBid Offer will be issued free of
all liens, charges and encumbrances and will, on Admission,
rank pari
passu in all respects with the new Ordinary Shares to
be issued pursuant to the Subscription and the Company's existing
Ordinary Shares.
Capitalised terms not otherwise defined herein shall have the
meanings given to them in the announcement made by Symphony in
respect of the Result of Subscription, Launch
of PrimaryBid Offer, Posting of Circular to Shareholders
and Notice of General Meeting on 22 March 2024, unless the
context requires otherwise.
Enquiries
Symphony Environmental Technologies Plc
Michael Laurier, CEO
Ian Bristow, CFO
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+44 (0) 20 8207 5900
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Zeus, Nominated Adviser and Broker
David Foreman, Kieran Russell, Alex
Campbell-Harris (Investment Banking)
Dominic King, Victoria Ayton
(Broking)
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+44 (0) 161 831 1512
+44 (0) 203 829 5000
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END