TIDMWPHO
RNS Number : 8790K
Windar Photonics PLC
27 September 2016
The information contained 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.
Windar Photonics plc
("Windar Photonics" or the "Company")
Subscription of 710,018 Ordinary Shares
at a price of 67.5 pence per share to raise GBP479,262
and Directors' Shareholdings
Windar Photonics PLC, the technology group that has developed a
cost efficient and innovative LiDAR wind sensor for use on
electricity generating wind turbines, is pleased to announce that
it is raising GBP479,262 before expenses by way of a subscription
for 710,018 ordinary shares of 1 pence each (the "Subscription
Shares") (the "Subscription") at 67.5 pence per share (the "Issue
Price").
The net proceeds of the Subscription will be used to support the
Company's strategy to capitalise on the demand for its WindEYE(TM)
and WindVision(TM) LiDAR technologies and to help enable the
delivery of Windar's products to its global customers.
The Issue Price represents a discount of 0.7 per cent to the
mid-market closing price of 68 pence on 26 September 2016. The
Subscription is not being underwritten and is conditional only 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 30 June 2016 and therefore no further
shareholder approval is required. The Subscription Shares represent
approximately 1.8 per cent. of the Company's issued share capital
as enlarged by the Subscription Shares (the "Enlarged Share
Capital").
Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM and it is
expected that such Admission will occur at 8.00 a.m. on Monday 3
October 2016. 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, respectively and will otherwise be identical
to and rank on Admission pari passu in all respects with the
existing ordinary shares of 1 pence each ("Ordinary Shares"). The
Subscription Shares are not being made available to the public and
are not being offered or sold in or into any jurisdiction where it
would be unlawful to do so.
Following Admission, the Company will therefore have 39,761,897
Ordinary Shares in issue, none of which will be held in
treasury.
Directors' Shareholdings
All of the Directors are participating in the Subscription and
are subscribing for an aggregate of 148,147 Ordinary Shares
following this announcement.
The Directors will together be beneficially interested in an
aggregate of 9,094,371 Ordinary Shares following Admission,
representing 22.87 per cent. of the Enlarged Share Capital, as set
out in the table below:
Amount Number Number Number Percentage
subscribed of Ordinary of Ordinary of Ordinary of Enlarged
(GBP) Shares Shares Shares Share
held subscribed following Capital
prior for the Subscription
to the
Subscription
------------- ------------ -------------- ------------- ------------------ -------------
Jørgen
Korsgaard
Jensen* 40,000 6,923,938 59,259 6,983,197 17.56%
------------- ------------ -------------- ------------- ------------------ -------------
John Weston 30,000 50,000 44,444 94,444 0.24%
------------- ------------ -------------- ------------- ------------------ -------------
Johan
Blach
Petersen** 15,000 1,947,286 22,222 1,969,508 4.95%
------------- ------------ -------------- ------------- ------------------ -------------
Simon
Barrell 15,000 25,000 22,222 47,222 0.12%
------------- ------------ -------------- ------------- ------------------ -------------
*Held in the name of Pasinika S.a.r.l.
**Held in the name of J Blach Petersen BD A/S
The participation by the Directors in the Subscription
constitutes a related party transaction for the purposes of the AIM
Rules for Companies. In the absence of an independent director,
Cantor Fitzgerald Europe, the Company's Nominated Adviser,
considers that the terms of the transaction are fair and reasonable
insofar as the Company's shareholders are concerned.
Jørgen Korsgaard Jensen, Interim Chief Executive Officer of
Windar, commented:
"I am pleased by the continued interest for investing in Windar
Photonics. As we have previously announced, we expect to be cash
flow positive in the second half of 2016 and the Subscription helps
to strengthen our balance sheet to support the expected growth in
the remaining part of 2016 and into 2017."
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45 2168 9476
Cantor Fitzgerald Europe Andrew Craig
Nominated Adviser and Broker Richard Salmond +44 20 7894 7000
West Hill Capital
Financial adviser Robert Caie +44 20 3440 7556
About Windar
Windar Photonics is a technology group that develops
cost-efficient and innovative Light Detection and Ranging ("LiDAR")
optimization systems for use on electricity generating wind
turbines. LiDAR wind sensors in general are designed to remotely
measure wind speed and direction.
About WindEYE(TM) and WindVision(TM)
The Group's key products are the WindEye(TM) and WindVision(TM)
Sensor, which measure wind direction and wind speed by scanning a
laser beam ahead of the wind turbine. The Sensors were designed for
the general optimization of wind turbines.
Based on the Group's testing, it has proven possible for the
Sensors to increase the power output of a wind turbine by
approximately one to four per cent. and also reduce strain on vital
components of the wind turbine. The Sensors have been designed to
have a multi-year lifecycle with limited maintenance other than the
replacement of the light source every two years. Due to the use of
a semi-conductor laser, the Directors believe that the Company is
able to offer the Sensors at a lower cost compared to competing
products whilst still retaining an attractive margin.
The Directors believe that the Sensors can be differentiated
from comparable products currently available on the market by its
lower price and durability, which typically enables the Company to
provide its customers with a return on investment within one to
four years.
http://investor.windarphotonics.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOEUNAURNBAKUUR
(END) Dow Jones Newswires
September 27, 2016 02:01 ET (06:01 GMT)
Windar Photonics (LSE:WPHO)
Historical Stock Chart
From Apr 2024 to May 2024
Windar Photonics (LSE:WPHO)
Historical Stock Chart
From May 2023 to May 2024