Windar Photonics PLC Subscription (1718S)
December 19 2016 - 1:05AM
UK Regulatory
TIDMWPHO
RNS Number : 1718S
Windar Photonics PLC
19 December 2016
19 December 2016
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
Windar Photonics plc
("Windar" or the "Company")
Windar Photonics announcing Subscription of 522,082 Ordinary
Shares at a price of 94 pence per share to raise GBP490,757
Windar Photonics PLC, the technology group that has developed a
cost efficient and innovative LiDAR wind sensor for use on
electricity generating wind turbines, is pleased to announce that
it is raising GBP490,757 before expenses by way of a subscription
for 522,082 ordinary shares of 1 pence each (the "Subscription
Shares") (the "Subscription") at 94.0 pence per share (the "Issue
Price").
The net proceeds of the Subscription will be used to support the
Company's strategy to capitalize on the demand for its WindEYE(TM)
and WindVision(TM) LiDAR technologies, including the wake detection
capabilities which are proving particularly attractive to
customers, and to help enable the delivery of Windar's products to
its global customers.
The Issue Price represents a discount of 1.1 per cent to the
mid-market closing price of 95 pence on 16 December 2016. The
Subscription is not being underwritten and is conditional only on
admission of the Subscription Shares to trading on AIM. The
Subscription is being conducted pursuant to the existing
authorities granted to the Directors of the Company at its annual
general meeting on 30 June 2016 and therefore no further
shareholder approval is required. The Subscription Shares represent
approximately 1.3 per cent. of the Company's issued share capital
as enlarged by the Subscription Shares (the "Enlarged Share
Capital").
Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM and it is
expected that such Admission will occur at 8.00 a.m. on Thursday 22
December 2016. The Subscription Shares will be issued credited as
fully paid and will rank in full for all dividends and other
distributions declared, made or paid after the admission of the
Subscription Shares, respectively and will otherwise be identical
to and rank on Admission pari passu in all respects with the
existing ordinary shares of 1 pence each ("Ordinary Shares"). The
Subscription Shares are not being made available to the public and
are not being offered or sold in or into any jurisdiction where it
would be unlawful to do so.
Following Admission, the Company will therefore have 40,283,979
Ordinary Shares in issue, none of which will be held in
treasury.
Jørgen Korsgaard Jensen, Interim Chief Executive Officer of
Windar, commented:
"I am pleased by the continued interest for investing in Windar
Photonics. The above subscription was limited by the current
authority granted to the Board of the Company which is now fully
utilized and investor offerings to the Company exceeded the above
mentioned amounts. The purpose of the Subscription is to further
strengthen our balance sheet to support the expected growth going
into 2017."
For further information:
Windar Photonics plc Jørgen Korsgaard Jensen, Interim CEO +45 24234930
Cantor Fitzgerald Europe
Nominated Adviser and Broker Andrew Craig
Richard Salmond +44 (0)20 7894 7000
West Hill Capital
Financial adviser Robert Caie +44 (0) 20 3440 7556
About Windar:
Windar Photonics is a technology group that develops
cost-efficient and innovative Light Detection and Ranging ("LiDAR")
optimization systems for use on electricity generating wind
turbines. LiDAR wind sensors in general are designed to remotely
measure wind speed and direction.
http://investor.windarphotonics.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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