Starcom PLC Placing (5914C)
23 January 2018 - 6:00PM
UK Regulatory
TIDMSTAR
RNS Number : 5914C
Starcom PLC
23 January 2018
23 January 2018
Starcom Plc
("Starcom" or the "Company")
Placing
Starcom (AIM: STAR), which specialises in the development of
wireless solutions for the remote tracking, monitoring and
protection of a variety of assets and people, is pleased to
announce that the Company has conditionally raised GBP315,000
before expenses through a placing of 14,000,000 new Ordinary Shares
of no par value (the "Placing Shares") at a price of 2.25p per
Placing Share (the "Placing").
The net proceeds of the Placing will be used to strengthen the
Company's working capital and to satisfy the increased demand for
its products.
Application for Admission
Application has been made for the Placing Shares, which will
rank pari passu with the Company's existing Ordinary Shares, to be
admitted to trading on AIM ("Admission"). It is anticipated that
Admission will become effective at 8.00 am on 29 January 2018.
Total voting rights
Following Admission, the Company's enlarged issued share capital
will comprise 254,409,513 Ordinary Shares. The Company does not
hold any shares in treasury. Therefore, the total number of
Ordinary Shares with voting rights will be 254,409,513. 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 in their interest in, the
share capital of the Company under the FCA's Disclosure Guidance
and Transparency Rules.
The interests of the Directors and co-founders in the Ordinary
Shares of the Company following the Placing are as stated in the
table below:
Ordinary Shares % of voting
rights
Avi Hartmann 22,197,936 8.7
Avi Engel 498,334 0.2
Michael Rosenberg* 1,728,334 0.7
Uri Hartmann 23,597,934 9.3
Doron Kedem 23,597,934 9.3
* Mr Rosenberg's shares are held through his personal pension
plan of which he is the sole beneficiary.
Michael Rosenberg, Chairman of Starcom, commented:
"As reported in our recent trading update, the Company has
experienced a record number of orders for its products mainly for
delivery in the first half of 2018 and is also pursuing a number of
other potential orders. The additional funds will greatly assist
our ability to meet these growing demands.
"The Placing was initiated following a direct approach to the
Company by an investor seeking to subscribe for 11 million shares
at 2.25p per share, equivalent to the midmarket price of the shares
at the time of the approach. It was agreed to proceed with the
issue of a total of 14,000,000 shares by placing the balance with
other investors at the same price under the existing shareholders
authority."
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
The Market Abuse Regulation (MAR) became effective from 3 July
2016. Market soundings, as defined in MAR, were taken in respect of
the Placing with the result that certain persons became aware of
inside information, as permitted by MAR. That inside information is
set out in this announcement and has been disclosed as soon as
possible in accordance with paragraph 7 of article 17 of MAR.
Therefore, those persons that received inside information in a
market sounding are no longer in possession of inside information
relating to the Company and its securities.
-ends-
For further information, please contact:
Starcom Plc
Michael Rosenberg, Chairman 07785 727 595
Avi Hartmann, CEO +972 5447 35663
Northland Capital Partners Limited (Nominated Adviser and Broker) 020 3861 6625
Edward Hutton / David Hignell (Corporate Finance)
John Howes (Sales and Broking)
Peterhouse Corporate Finance (Joint Broker) 020 7469 0930
Lucy Williams / Charles Goodfellow / Eran Zucker
Leander PR (Financial PR) 07795 168 157
Christian Taylor-Wilkinson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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