Verditek PLC Issue of Equity on Conversion of CLN (2321V)
02 December 2019 - 6:00PM
UK Regulatory
TIDMVDTK
RNS Number : 2321V
Verditek PLC
02 December 2019
Verditek plc
Issue of Equity on Conversion of Convertible Loan Note
("CLN")
Directors' shareholding
Verditek plc ("Verditek" or "Company"), the international clean
technology company that develops, manufactures and sells certified
lightweight solar panels, is pleased to announce that it has
received a notice of conversion from Gavin Mayhew, a Non-Executive
Director, in respect of his CLN holding of GBP1 million together
with accrued interest up to the point of exercise.
The exercise price for the capital amount and accrued interest
of the CLN will be 8p in accordance with the adjusted terms of the
CLN. The exercise will give rise to the issue of 13,712,937 new
Ordinary Shares in the Company, which represents 6% of the enlarged
issued ordinary share capital in the Company and Application has
been made for the new Ordinary Shares to be admitted to trading on
AIM which is expected to take place on 5 December 2019. As a result
of this conversion Gavin Mayhew`s shareholding will be 21,157,381
Ordinary Shares representing 9% of the issued ordinary share
capital. There remains a balance of issued CLN`s of GBP170,000.
Following Admission, Verditek will have 229,163,534 Ordinary
Shares in issue and admitted to trading on AIM. This figure may be
used by shareholders 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 under the Disclosure Guidance and Transparency Rules of
the Financial Conduct Authority.
Gavin Mayhew commented: "Verditek's continued focus on
production and commercialisation of the Graphene Integrated PV
cell, through the second Joint Development Programme with Paragraf,
is very exciting given its potential applications in consumer
electronics, satellite and other markets. I am confident that
Verditek is at an inflexion point in its lifecycle. We have created
persuasive solutions to large, costly problems for clients in our 8
market segments by developing clever and affordable suites of
products that integrate our lightweight solar panels. Looking
forward, the conversion of the loan note at 8p was a very simple
decision."
Geoff Nesbitt, CEO of Verditek plc, commented: "This is good
news for the company and our shareholders. Gavin's decision to
convert at 8p reflects the growth that we are working to deliver
and greatly improves near term and future cashflow of the
Company."
For further information, please visit www.verditek.com
Enquiries:
Verditek plc Tel: +44 (0)20 7129
RH Lord David Willetts FRS 1110
(Non-Executive Chairman) enquiries@verditek.plc.uk
Dr Geoff Nesbitt (Chief Executive
Officer)
WH Ireland Limited (NOMAD Tel: +44 (0)20 7220
and Broker) 1666
Chris Hardie (Corporate Finance)
Matthew Chan
Novella (Financial PR) Tel: +44 (0) 20 3151
7008
Tim Robertson/Fergus Young
The information communicated within this announcement is deemed
to constitute inside information as stipulated under the Market
Abuse Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
The below notification is made in accordance with the EU Market
Abuse Regulation. The form required under the EU Market Abuse
Regulation follows.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Gavin Mayhew
------------------------------------------------------------ ------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------
a) Position/status Non-Executive Director
------------------------------------------------------------ ------------------------------------
b) Initial notification/ Amendment Initial Notification
------------------------------------------------------------ ------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--------------------------------------------------------------------------------------------------
a) Name Verditek plc
------------------------------------------------------------ ------------------------------------
b) LEI 213800YWMHGTNXCWZC33
------------------------------------------------------------ ------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions have been
conducted
--------------------------------------------------------------------------------------------------
a) Description of the financial instrument, type of instrument Ordinary Shares
GB00BF2C0424
Identification code
------------------------------------------------------------ ------------------------------------
b) Nature of the transaction Conversion of Convertible Loan Note
------------------------------------------------------------ ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
8 pence 13,712,937
-----------
------------------------------------------------------------ ------------------------------------
d) Aggregated information
* Aggregated volume 13,712,937
8 pence
* Price
------------------------------------------------------------ ------------------------------------
e) Date of the transaction 29 November 2019
------------------------------------------------------------ ------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
------------------------------------------------------------ ------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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