Windar Photonics PLC Subscription (0564L)
14 July 2017 - 4:00PM
UK Regulatory
TIDMWPHO
RNS Number : 0564L
Windar Photonics PLC
14 July 2017
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.
14 July 2017
Windar Photonics plc
("Windar" or the "Company")
Windar Photonics announcing Subscription of 1,524,390 Ordinary
Shares at a price of 82 pence per share to raise GBP1,250,000
Windar Photonics plc (AIM:WPHO), 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 GBP1,250,000 before expenses by way of a
subscription for 1,524,390 ordinary shares of 1 pence each (the
"Subscription Shares") (the "Subscription") at 82 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 1.2 per cent to the
mid-market closing price of 83 pence on 13 July 2017. 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 5 July 2017 and therefore no further shareholder
approval is required. The Subscription Shares represent
approximately 3.6 per cent. of the Company's issued share capital
as enlarged by the Subscription Shares (the "Enlarged Share
Capital").
Application will be 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 Tuesday 25
July 2017. 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 41,808,369
Ordinary Shares in issue, none of which will be held in
treasury.
Jørgen Korsgaard Jensen, Chief Executive Officer of Windar,
commented:
"Following our improved trading performance in the first half of
2017, I am very pleased by the continued interest for investing in
Windar Photonics, and I would like to thank both new and existing
shareholders participating in this Subscription. The primary reason
the Board accepted this equity raise is to ensure that we have a
strong balance sheet and cash position for our ongoing discussions
with major OEM and IPP customers."
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, CEO +45 24234930
Cantor Fitzgerald Europe +44 (0)20 7894 7000
Nominated Adviser and Broker Andrew Craig
Richard Salmond
West Hill Capital
Financial Adviser Robert Forbes Caie +44 (0)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.
http://investor.windarphotonics.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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