SerVision plc Placing (1693A)
September 25 2015 - 1:00AM
UK Regulatory
TIDMSEV
RNS Number : 1693A
SerVision plc
25 September 2015
25 September 2015
SerVision plc
("SerVision" or the "Company")
Proposed Placing to Raise GBP797,684
SerVision (AIM: SEV), the AIM quoted developer and manufacturer
of digital security systems, is pleased to announce that it has
conditionally raised GBP797,684 (before expenses) through the issue
of 22,790,972 new ordinary shares of 1p each in the Company (the
"Placing Shares") with existing investors and new shareholders, at
a price of 3.5 pence per Placing Share (the "Placing"). The net
proceeds of the Placing, amounting to approximately GBP732,800,
will be used to satisfy the Company's existing order book and for
general working capital purposes. The Placing has been arranged by
Beaufort Securities Limited ("Beaufort"), the Company's joint
broker, and the Placing Shares have been subscribed for by clients
of Beaufort.
A total of GBP617,584, representing the issue of 17,645,258
Placing Shares (the "Firm Placing Shares"), has been raised within
the Company's existing share authorities put in place at the
Company's annual general meeting held on 30 July 2015. The issue of
the Firm Placing Shares is conditional only upon admission of the
Firm Placing Shares to trading on AIM ("First Admission").
Application will be made shortly for the Firm Placing Shares, which
will be issued paid up and rank pari passu with the existing
ordinary shares of 1 pence each in the capital of the Company, to
be admitted to trading on AIM. It is expected that First Admission
will take place on or around 1 October 2015.
The Placing balance of GBP180,100 (the "Conditional Placing
Amount"), representing the issue of 5,145,714 Placing Shares (the
"Conditional Placing Shares"), is conditional upon shareholder
approval through the passing of certain resolutions to be proposed
at a general meeting of the Company to be convened (the "General
Meeting") and admission of the Conditional Placing Shares to
trading on AIM ("Second Admission"). The Company will despatch in
due course a circular to shareholders of SerVision convening a
general meeting of the Company. Should shareholder approval of the
resolutions at the general meeting not be forthcoming, the
Conditional Placing Amount would be returned to the investors.
The Placing price of 3.5 pence represents a 24.3 per cent.
discount to the Company's closing mid-market price of 4.625 pence
on 24 September 2015, being the latest practicable business day
prior to this announcement.
The Placing Shares will represent 20.0 per cent. of the enlarged
issued share capital of the Company.
Following First Admission the total enlarged issued share
capital of SerVision will be 108,757,895 ordinary shares of 1p
each. Until the Second 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 FCA's Disclosure and Transparency Rules.
Following completion of the Placing there will be 113,903,609
ordinary shares of 1 pence each in the Company in issue.
Gidon Tahan, Chairman and CEO of SerVision, commented, "I am
pleased to announce the Company has successfully raised this
significant amount of new funding to fulfil its rapidly expanding
order book. Over the past 12 months we have seen an encouraging
growth in our pipeline, especially in the UK market, which is being
served by our new Manchester based office and management team. We
believe the prospects for the remainder of 2015 and into 2016 are
very promising for the Company."
-ends-
SerVision plc +972 2535 0000
Gidon Tahan, Chairman and CEO
Allenby Capital Limited (Nominated Adviser
and Joint Broker) +44 (0)20 3328 5656
Nick Athanas / James Reeve
Beaufort Securities Limited (Joint Broker)
Jon Levinson / Elliot Hance +44 (0)20 7382 8300
Cadogan Leander (Financial PR)
Christian Taylor-Wilkinson +44 (0)7795 168 157
Notes to Editors
SerVision is a pioneer in the field of security communications
technology and a leading developer and manufacturer of fully
integrated video recording and transmission systems for homeland
security and transportation applications. The Company's core
technology is proprietary video compression which is optimised for
streaming real-time video over any type of cellular or narrowband
network.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOELIMBTMBITTAA
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