Trackwise Designs PLC Result of Open Offer (9924H)
December 09 2020 - 1:00AM
UK Regulatory
TIDMTWD
RNS Number : 9924H
Trackwise Designs PLC
09 December 2020
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN
OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY
SHARES OF TRACKWISE DESIGNS PLC.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Terms not otherwise defined herein shall have the meanings given
in the section entitled "Definitions" IN THE COMPANY'S Announcement
OF 20 NOVEMBER 2020.
TRACKWISE DESIGNS PLC
("Trackwise", the "Company" or the "Group")
Result of Open Offer
Trackwise Designs plc, a provider of specialist products using
printed circuit technology, is pleased to announce that the Open
Offer, as announced on 20 November 2020, has closed oversubscribed.
The Company has decided to accept applications under the Open Offer
for GBP1.625 million (previously GBP1.0 million) in order to
provide a greater opportunity for participation in the Fundraising
by its shareholders, and in so doing, further strengthening the
Company's balance sheet.
Qualifying Shareholders who have validly applied for Open Offer
Shares will receive their full Open Offer Entitlement. Applications
made under the Excess Application Facility will be scaled back
pro-rata such that 74.56 per cent. of the Excess Application is
satisfied.
Accordingly, the Company has conditionally raised total gross
proceeds of GBP12.625 million in aggregate by way of the Placing,
the Subscription and the Open Offer. The Company received valid
applications from Qualifying Shareholders in respect of 1,050,245
Open Offer Shares representing oversubscription of approximately
108.97 per cent. of the previously intended 502,582 Open Offer
Shares.
Application has been made to the London Stock Exchange for the
admission of a total of 6,312,500 New Ordinary Shares to trading on
AIM. This comprises (i) 5,490,000 Placing Shares; (ii) 10,000
Subscription Shares and (iii) 812,500 Open Offer Shares. The New
Ordinary Shares will rank pari passu with the Existing Ordinary
Shares. Admission of the New Ordinary Shares is expected to occur
on 10 December 2020, subject to inter alia Shareholders passing the
relevant Resolutions at the General Meeting to be held today 9
December 2020.
Philip Johnston, CEO of Trackwise , commented: "This Open Offer
has provided an opportunity specifically to those of our
shareholders not participating in the Placing and Subscription. We
are very grateful for the level of support shown, and are pleased
to increase the number of shares issued under the Open Offer to
facilitate this participation in the Fundraising by our
shareholders."
Enquiries:
Trackwise Designs plc +44(0)16 8429 9930
Philip Johnston, CEO www.trackwise.co.uk
Mark Hodgkins, CFO
finnCap Ltd +44(0)20 7220 0500
NOMAD and Broker
Ed Frisby / Matthew Radley - Corporate
Finance
Andrew Burdis / Tim Harper - ECM
Alma PR +44(0)20 3405 0205
Financial PR and IR
Caroline Forde / Josh Royston / David
Ison
Notes to editors
Trackwise is a UK-based manufacturer of specialist products
using printed circuit technology.
The full suite includes: Improved Harness Technology(TM) ("IHT")
and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short
Flex, Flex Rigid and Rigid Multilayer products.
IHT uses a proprietary, patented process that Trackwise has
developed to manufacture multilayer flexible printed circuits of
unlimited length. While the technology has many applications, the
directors expect that one of its primary uses will be to replace
traditional wire harness in a variety of industries.
The Company manufactures on two sites, located in Tewkesbury and
Stevenage (following the acquisition of Stevenage Circuits Ltd in
April 2020). It serves customers in Europe and North America.
Trackwise Designs plc was admitted to trading on AIM in 2018
with the ticker TWD. For additional information please visit
www.trackwise.co.uk
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END
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