TIDMSEE
RNS Number : 8222S
Seeing Machines Limited
22 March 2016
Seeing Machines Limited
("Seeing Machines" or the "Company")
Placing with new strategic investor to raise AUD 12.8m (GBP
6.7m)
Change of Non-Executive Directors
-- Leading electronics manufacturer V S Industry takes a 12% stake
-- New shares issued at premium of 20% to market price*
22 March 2016
Seeing Machines Limited, (AIM: SEE), the AIM listed vehicle
operator monitoring technology company, is pleased to announce that
it has today raised AUD 12.8 million (approximately GBP 6.7
million**) from a placing with a new strategic investor, V S
Industry Berhad (VSI) through its wholly owned subsidiary V S
International Venture Pte. Ltd. (VSIV), a leading integrated
electronics manufacturing services provider (the "Placing"),
subject to admission to trading on AIM.
* A total of 129,654,000 new ordinary shares in the Company (the
"Placing Shares") have been placed with VSIV, at an issue price of
5.199 pence per share, which is a premium of 20% to the Company's
30-day volume-weighted average market price ended 16 March 2016.
VSIV's interest in 129,654,000 shares represents a stake of 12% in
the Company's issued share capital following admission of the
Placing Shares.
The investment from VSIV will provide the Company with
additional working capital to enable it to fund the recently
announced automotive programs and ongoing automotive product
developments. On 7 March 2016 the Company announced that it had
secured a follow-on order for its DMS technology from one of the
world's largest automotive manufacturers, in conjunction with tier
1 automotive partner Takata. As previously announced, the Company
continues to investigate the option to establish its automotive
business as a separately-funded company. The Company and its
advisors are advancing discussions with potential strategic
investors and industry partners for this opportunity.
V S Industry Berhad is a public listed company in Malaysia and
Hong Kong, with over 34 years' experience of multi-product OEM
contract manufacturing and electronics manufacturing services. VSI
is ranked in the world's top 50 contract manufacturers and counts
among its customers or partners, Dyson, Keurig Green Mountain,
Zodiac, SMART Technologies, Valeo and Fluidic Energy. The VSI group
employs over 11,000 staff and in the 2015 financial year generated
revenue of approximately AUD 640 million.
Seeing Machines anticipates future benefits for its range of
Guardian aftermarket commercial transport products arising from
VSI's extensive product engineering experience, broad manufacturing
capability and from influential transport related contacts in their
regions of operation.
Mr Yong Kang (YK) Ng an Executive Director of VSI, joins the
board of Seeing Machines as a non-executive director and Mr David
Gaul, a non-executive director of the Company since 2004, retires
from the board, both with effect from 22 March 2016.
** Based on an exchange rate of AUD:GBP: 0.52766 as at 16:30 GMT
on 21 March 2016.
Datuk SY Gan, Managing Director of VSI, commented:
"We recognise the safety vision industry, and in particular
Seeing Machines' technology has a wide range of applications in the
automotive advanced driving market. Our investment in Seeing
Machines allows us to strategically position VSI in this space, and
to participate as a collaborative Research and Development partner,
which will bode well for our future growth."
Terry Winters, Seeing Machines' Chairman, commented:
"The board is very pleased to welcome VSI as a strategic
investor, and YK Ng as a new non-executive director. Their
experience in value engineering and volume manufacturing will help
guide Seeing Machines as we continue to scale up our business. The
funds raised from VSI will allow us to accelerate our momentum in
the automotive industry. There are enormous opportunities at the
moment for our technology to become a critical part of the cars of
the future. We're continuing to work on how we can best take
advantage of those opportunities to maximise value for our
shareholders.
The board also extends its thanks and appreciation to retiring
director Mr David Gaul for his many years of dedicated service to
the Company. David's deep experience in the commercialisation of
high tech products has added significantly to the governance of the
Company over this time."
New Non-Executive Director
Mr YK Ng, aged 55, has extensive engineering and operations
experience in the manufacturing sector with multinational
corporations. Based in Johor, Malaysia, Mr Ng has been managing the
manufacturing operations of VSI since 2002 and was appointed as
executive director in 2005. Mr Ng has a Bachelor of Science in
Mechanical Engineering from the National Taiwan University and a
MBA from Heriot-Watt University in Edinburgh, UK.
The following disclosures are required regarding YK Ng's
appointment pursuant to Schedule Two paragraph (g) of the AIM Rules
for Companies:
Current directorships and partnerships:
V S Industry Berhad
V S International Venture Pte Ltd
Serumi International Pte Ltd
Past directorships and partnerships held over the last 5 years:
none.
Mr YK Ng has no direct shareholding in the Company. He will have
an indirect interest in the Company by virtue of his direct and
deemed (by virtue of his spouse) ownership of shares in V S
Industry Berhad, being 0.086% of VSI's current issued share
capital.
No further disclosure is required under AIM Rule 17 and
paragraph (g) to Schedule Two of the AIM Rules with respect to Mr
YK Ng.
Admission
Application has been made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM and admission is
expected to occur on 29 March 2016. The Placing Shares will rank
equally in all respects with the existing ordinary shares of the
Company.
Total Voting Rights
Following the Placing, the total issued share capital of the
Company will be 1,073,583,411 ordinary shares of no par value each.
The Company does not hold any ordinary shares of the Company in
treasury. Accordingly, the total voting rights in the Company will
be 1,073,583,411.
Enquiries:
Seeing Machines Limited www.seeingmachines.com /
+61 2 6103 4700
Ken Kroeger, Managing Ken.Kroeger@seeingmachines.com
Director and CEO
Media inquiries: Adrian Adrian.dean@seeingmachines.com
Dean
finnCap Ltd, Broker for Seeing Machines
Ed Frisby / Emily Watts,
Corporate Finance +44 20 7220 0500
Joanna Scott, Corporate
Broking
Newgate, Investment Communications for Seeing Machines
Robyn McConnachie Tel: +44 20 7653 9852 / Mob:
+44 7885 466 559
Robyn.mcconnachie@newgatecomms.com
Bob Huxford
Tel: +44 20 7653 9848 / Mob:
Adam Lloyd +44 7469 154 806
Bob.huxford@newgatecomms.com
Tel: +44 20 7653 9842 / Mob:
+44 7966 609 084
Adam.lloyd@newgatecomms.com
About Seeing Machines
Seeing Machines, (AIM: SEE) is focused on operator monitoring
and intervention sensing technologies and services. With more than
15 years of experience, Seeing Machines uses advanced detection and
prevention safety assistance technologies to track eye and facial
movement in order to monitor fatigue, drowsiness and distraction
events, such as microsleeps, texting and cell phone use as they
occur, while providing for a real-time intervention strategy, which
improves operator, driver and environmental safety, preserves
assets, and reduces risk. Seeing Machines' technology is used
worldwide across the automotive, mining, transport and aviation
industries; as well as many of the leading academic research groups
and transportation authorities. Seeing Machines is headquartered in
Australia and has offices in Tucson, Arizona, Mountain View,
California and Santiago, Chile. The Company counts Caterpillar, BHP
Billiton, Freeport, Electro Motive Diesel, Boeing, Takata, SEMCo
and Eye Tracking Inc among its customers or partners.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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