TIDMLWRF

RNS Number : 3334D

LightwaveRF PLC

06 July 2016

6 July 2016

LightwaveRF plc

(AIM: LWRF)

Fundraising

LightwaveRF plc ("LightwaveRF" or the "Company") is the Internet of Things ("IOT") provider of the LightwaveRF platform and connected devices enabling domestic and commercial users to remotely monitor and control light, heat, power and security by smartphone, tablet or PC. The Company is pleased to announce that it has raised approximately GBP215,000 of equity investment from Committed Capital Financial Services Limited ("Committed Capital").

Committed Capital, which initially invested GBP1.1m in the Company in August 2015 for itself and on behalf of its clients, has made an additional equity injection. The investment at 12.75p per share represents the mid-market price at which the Ordinary Shares were quoted on AIM as at close of trading on 5 July 2016, the last trading day prior to the announcement of the fundraising. Immediately following Admission, Mainspring Nominees (8) Limited, acting as nominee for Committed Capital, will be interested in 5,584,930 shares representing 27.14 per cent. of the issued share capital of the Company.

As an existing holder of greater than 10 per cent. of the issued share capital of the Company, this transaction is considered a related party transaction in accordance with Rule 13 of the AIM Rules for Companies. Accordingly, the independent directors, being all Directors other than Steve Harris, having consulted with WH Ireland Limited, the Company's nominated adviser, consider that the terms of the subscription are fair and reasonable insofar as the Company's shareholders are concerned.

The additional funding will be used to further accelerate the company's strategy of connecting to other IoT platforms.

Steve Harris CEO of Committed Capital and LightwaveRF Non-Executive Director commented on the fundraising: "The Company has made strong progress since we first invested in enhancing LightwaveRF's products, creating additional channels to market and developing sales opportunities. We are delighted to have the opportunity to make this further investment".

Application for admission to trading on AIM of the 1,703,904 new Ordinary Shares being issued has been made and admission is expected to take place on 11 July 2016.

In accordance with the provisions of the Disclosure and Transparency Rules of the Financial Conduct Authority, the Company confirms that, following these issues, its issued share capital will comprise 20,574,759 Ordinary Shares of 5p each. All of these Ordinary Shares have equal voting rights and none of the Ordinary Shares are held in Treasury. The total number of voting rights in the Company will therefore be 20,574,759 on Admission. 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 and Transparency Rules.

For further information:

 
 Contacts: 
 
 LightwaveRF plc                   www.lightwaveRF.com 
 Mike Lord, CEO                    +44 (0) 121 250 
  Kevin Edwards, CFO                3625 
 
 WH Ireland Limited                www.wh-ireland.co.uk 
 Mike Coe/Ed Allsopp (Corporate    +44 (0) 117 
  Finance)                          945 3470 
 Jasper Berry (Institutional       +44 (0) 20 7220 
  Sales)                            1666

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBLGDRRDGBGLU

(END) Dow Jones Newswires

July 06, 2016 02:00 ET (06:00 GMT)

Lightwaverf (LSE:LWRF)
Historical Stock Chart
From Apr 2024 to May 2024 Click Here for more Lightwaverf Charts.
Lightwaverf (LSE:LWRF)
Historical Stock Chart
From May 2023 to May 2024 Click Here for more Lightwaverf Charts.