Zytronic PLC Result of Tender Offer and Result of GM (3776Q)
February 25 2021 - 05:55AM
UK Regulatory
TIDMZYT
RNS Number : 3776Q
Zytronic PLC
25 February 2021
Capitalised terms used in this Announcement, unless otherwise
defined, have the same meanings as set out in the Circular.
25 February 2021
Zytronic plc
("Zytronic" or the "Company")
Result of Tender Offer
and
Result of General Meeting
Further to announcement of the Tender Offer on 1 February 2021,
details of which set are out in the Circular, the Directors are
pleased to announce that a total of 4,624,889 Ordinary Shares were
validly tendered under the Tender Offer as at the Closing Date of 1
p.m. on 23 February 2021.
Under the Tender Offer, 4,624,889 Ordinary Shares will be
purchased at the Tender Offer Price of 145 pence per Ordinary
Share, representing an aggregate purchase value of GBP6,706,089.05.
The Ordinary Shares to be purchased under the Tender Offer
represent approximately 28.8 per cent. of the Company's issued
ordinary share capital. As the Tender Offer was not fully
subscribed, validly tendered Basic Entitlements and any excess
applications will be satisfied in full.
In addition, the Company confirms that the Resolution put to the
General Meeting held earlier today in order to give effect to the
Tender Offer has been passed by the requisite majority. A summary
of votes passed at the meeting will be made available shortly on
the Company's website www.zytronicplc.com .
Following the passing of the Resolution, all conditions of the
Tender Offer have been fulfilled and the Tender Offer is now
unconditional.
As set out in the Circular, the Ordinary Shares due to be bought
via the Tender Offer will be purchased by N+1 Singer on 26 February
2021 and the Company will purchase such Ordinary Shares from N+1
Singer under the terms of the Share Purchase Agreement described in
the Circular. The Company intends to cancel the Ordinary Shares
purchased by it.
It is anticipated that the proceeds payable under the Tender
Offer to Shareholders who hold their Ordinary Shares in
certificated form will be despatched no later 3 March 2021 in the
form of a cheque. Those shareholders who hold their Ordinary Shares
in uncertificated form will have their CREST accounts credited no
later than 3 March 2021.
Following the expected purchase of the Ordinary Shares, the
Company's issued share capital will be reduced to 11,419,152
Ordinary Shares, each carrying one voting right. The Company does
not hold any Ordinary Shares in treasury. This figure may be used
from the close of business on that date 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 Company under the FCA's Disclosure Guidance and
Transparency Rules.
Pursuant to limb (c) of the Resolution passed at the General
Meeting, the Company retains authority in its absolute discretion
to purchase in the market, up to 2,271,662 Ordinary Shares being
the difference between the maximum number of Ordinary Shares
available to be purchased under the Tender Offer and the number of
Ordinary Shares successfully purchased. This residual authority is
in addition to the general buyback authority granted at the AGM,
also held earlier today. Shareholders should note that the price
paid in any such buy-backs, if made, would be at a price per
Ordinary Share of not more than a 5.0 per cent. premium to the
average closing mid-market price for the five business days prior
to the purchase.
Enquiries:
Zytronic plc
Mark Cambridge, Chief Executive
Claire Smith, Group Finance Director
and Company Secretary 0191 414 5511
N+1 Singer (Nominated Adviser and
Broker)
Aubrey Powell, Rachel Hayes, Amanda
Gray 020 7496 3000
About Zytronic
Zytronic is a developer and manufacturer of a unique range of
internationally award winning optically transparent interactive
touch sensor overlay products for use with electronic displays in
industrial, self-service and public access equipment.
Zytronic's products employ a sensing solution that is readily
configurable and is embedded in a laminate core which offers
significant durability, environmental stability and optical
enhancement benefits to system designers specific requirements.
Zytronic has continually developed process and technological
know-how and IP since the late 1990's around two sensing
methodologies; the first being single touch self-capacitive which
Zytronic markets as PCT(TM) ("Projected Capacitive Technology") and
the second being multi-touch, multi-user mutual-capacitive which
Zytronic markets as MPCT(TM) ("Mutual Projected Capacitive
Technology"), in which Zytronic holds a number of GB and
international granted patents.
Operating from a single site near Newcastle-upon-Tyne in the
United Kingdom, Zytronic is relatively unique in the touch
eco-system as it offers a complete one-stop solution from
processing internally the form and factor of the glass substrates,
assembles their touch overlay products to customers specific
requirements, in environmentally controlled cleanrooms and develops
the bespoke firmware, software and electronic hardware to link the
interactive overlays to customer's integrated systems and
products.
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END
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