Strat Aero PLC Settlement of Litigation (1911L)
September 29 2016 - 3:15AM
UK Regulatory
TIDMAERO
RNS Number : 1911L
Strat Aero PLC
29 September 2016
Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support
Services
29 September 2016
Strat Aero plc ("Strat Aero", the "Company" or the "Group")
Settlement of Litigation
Strat Aero plc, an international aerospace company focused on
the rapidly emerging Unmanned Aerial Vehicle ("UAV") sector, is
pleased to announce the settlement of all litigation and claims
arising from its dispute with Mr W. Hulsey Smith ("Mr. Smith"), the
Chief Executive Officer of Aero Kinetics Holdings LLC ("Aero
Kinetics").
Under the terms of the settlement, Strat Aero disclaims any
allegations of fraud against Mr. Smith and will issue Mr. Smith
44,750,645 new Ordinary Shares ("Settlement Shares"), representing
approximately 11.75% of the Company's enlarged issued share
capital. Strat Aero has also made a cash payment to Mr. Smith of
US$75,000.
As a result of the settlement, both Strat Aero and Mr Smith are
released from all current and future claims relating to the
Company's acquisition of Aero Kinetics and all debt and loan
obligations relating to the Company's acquisition of Aero Kinetics
are deemed to have either been satisfied or written off. Both
parties have agreed to dismiss all pending litigation between them
which is subject to certain procedural formalities.
Application will be made for of the Settlement Shares, which
will rank pari passu with the existing Ordinary Shares in the
Company, to be admitted to trading on AIM ('Admission'). It is
expected that Admission will become effective and dealings will
commence at 7:00 a.m. on or around 5 October 2016.
Following the issue of the Settlement Shares, the issued share
capital of the Company will consist of 380,856,709 Ordinary Shares.
No shares were held in treasury at the date of this announcement.
The total current voting rights in the Company are therefore
380,856,709.
The total current voting rights number of 380,856,709 Ordinary
Shares is the figure which may be used by shareholders as the
denominator for the calculation by which they will determine if
they are required to notify their interest in, or a change to their
interest in the Company.
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
- ENDS -
For further information please visit www.strat-aero.com or
contact:
Strat Aero plc Tel: +44 (0) 1293 804741
Graham Peck (Chairman)
SP Angel Corporate Finance LLP Tel: +44 (0) 20 3470
0470
Nominated Adviser and Joint
Broker
Stuart Gledhill
Jeff Keating
Beaufort Securities Limited Tel: +44 (0) 20 7382
8300
Joint Broker
Elliot Hance
Cornhill Capital Ltd
Joint Broker
Colin Rowbury Tel: +44 (0) 20 7710
9610
St Brides Partners Ltd Tel: +44 (0) 20 7236
1177
Financial PR
Frank Buhagiar
Susie Geliher
Notes
Strat Aero plc is a multi-divisional international aerospace
services company, focussed primarily on the provision of complete
client solutions in the Unmanned Aerial System ('UAS' market),
which is predicted to show exponential growth over the coming
decade. Commercial and military applications in UASs are expected
to be a dynamic growth sector in the aerospace industry over the
next 10 years with the UAS market forecast to grow to more than
US$82.1 billion between 2015 and 2025 (AUVSI Economic Report 2013)
and the global airborne Intelligence, Surveillance and
Reconnaissance ('ISR') market estimated to grow to US$19.23 billion
by 2023.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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