Verditek PLC Subscription to raise over GBP500,000 (4497F)
09 March 2020 - 10:30PM
UK Regulatory
TIDMVDTK
RNS Number : 4497F
Verditek PLC
09 March 2020
9 March 2020
Verditek PLC
("Verditek" or the "Company")
Subscription of Ordinary Shares to raise over GBP500,000
Verditek plc, (AIM:VDTK) the clean technology company is pleased
to announce that it has raised GBP505,750 before expenses by way of
a subscription of 20,230,000 ordinary shares of 0.04 pence each
("Ordinary Shares") at 2.5 pence per Ordinary Share (the "Issue
Price") ("the Subscription Shares") (the "Subscription").
The Issue Price represents a premium of approximately 14% per
cent to the closing mid-market price of Verditek's existing
ordinary shares of 2.2 pence on 6(th) March 2020 (being the last
business day prior to this Announcement).
The Subscription is not being underwritten and is conditional on
admission of the Subscription Shares to trading on AIM. The
Subscription is being conducted pursuant to the existing
authorities granted to the Directors of the Company at its annual
general meeting on 8 November 2019. The Subscription Shares
represent approximately 8 per cent. of the Company's issued share
capital as enlarged by the Subscription Shares.
Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM ("Admission")
and it is expected that such Admission will occur at 8.00 a.m. on
13(th) March 2020 . The Subscription Shares will be issued credited
as fully paid and will rank in full for all dividends and other
distributions declared, made or paid after the admission of the
Subscription Shares, and will otherwise be identical to and rank on
Admission pari passu in all respects with the existing Ordinary
Shares. The Subscription Shares are not being made available to the
public and are not being offered or sold into any jurisdiction
where it would be unlawful to do so.
Following Admission, the Company will have 249,393,534 Ordinary
Shares in issue, none of which will be held in treasury.
Accordingly, 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 FCA's Disclosure Guidance and
Transparency Rules.
Related Party Transaction
Gavin Mayhew, as a director of the Company, is considered to be
a "related party" as defined under the AIM Rules and has subscribed
for 6,000,000 Ordinary Shares at the Issue Price, being an amount
of GBP150,000. Accordingly, Gavin's participation in the
Subscription constitutes a related party transaction for the
purposes of Rule 13 of the AIM Rules.
All the other directors of Verditek, who are independent to the
Subscription, consider, having consulted with the Company's
nominated adviser WH Ireland, that the terms of the Subscription
are fair and reasonable insofar as the Company's shareholders are
concerned.
Dr Geoff Nesbitt, CEO of Verditek, commented: " This successful
round of funding will allow us to further develop the commercial
opportunities we announced on the 28th of January. Specifically,
our immediate priorities are focused on converting the product
trials we have developed into sales contracts across the key market
segments we are focused on.
Our factory is in production and we have the materials to
weather logistics delays as a result of Covid-19 measures. We have
taken steps to ship product early to ensure that we are ahead of
schedule for the upcoming trials and installations.
In parallel we are developing new products and integrated solar
solutions, as a result of customer requests, and in the process of
upgrading of our production capabilities to meet demand.
In addition, the funds secured will be applied to funding the
further development and commercialisation of our next generation
Graphene Integrated Photovoltaic cell through our joint development
program with Paragraf."
For further information, please contact:
Verditek plc
RH Lord David Willetts FRS (Non-Executive Chairman) +44 (0) 20
7129 1110
Dr Geoff Nesbitt (Chief Executive Officer)
enquiries@verditek.plc.uk
WH Ireland Limited (NOMAD and Broker)
Chris Hardie (D irector, Corporate Finance) +44(0)207 220
1666
Chris.hardie@whirelandcb.com
About Verditek plc
AIM listed Verditek plc is a holding company with three
businesses operating within the clean technology sector. The
Company is focused on commercializing our lightweight low-profile
solar panel business. With manufacturing based in Lainate Italy, we
have developed renewable power solutions for our customers, that
drive solar energy into applications previously impossible. The
exceptional properties of our solar panels replace diesel fuel in
business such as perishable goods transport, off-grid
telecommunication towers, electric vehicle charging stations,
residential and holiday home power solutions and solar roofing for
light-weight industrial roofing.
In addition to our current PV panels in production, we have
partnered with an outstanding leader in graphene technology,
Paragraf, and have created the worlds' first Graphene Integrated
Photo Voltaic cell. We are working together to engineer the
technology for commercialization.
Verditek provides compelling commercial solutions that make our
customers business sustainable.
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contact rns@lseg.com or visit www.rns.com.
END
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