Adams PLC Investment in Seeing Machines Limited (8476X)
07 Maggio 2021 - 8:00AM
UK Regulatory
TIDMADA
RNS Number : 8476X
Adams PLC
07 May 2021
Adams plc
("Adams" or the "Company")
Investment in Seeing Machines Limited ("Seeing Machines")
The Directors announce that, on 6 May 2021, Adams purchased 8
million ordinary shares of no par value in Seeing Machines on the
AIM market of the London Stock Exchange at an average price of
11.35 pence per share for a total cash consideration of
GBP908,000.
The Company's holding of 8,000,000 ordinary shares in Seeing
Machines represents 0.21% of the currently issued ordinary share
capital of Seeing Machines of 3,805,617,804 shares. Following this
investment, the Company will have cash balances of approximately
GBP3.19 million.
About Seeing Machines
Seeing Machines is an industry leader in advanced computer
vision technologies and designs AI-powered Operator Monitoring
Systems to improve transport safety in automotive, commercial
fleet, aviation, rail and off-road markets. The company has
pioneered such technology through algorithm development, extensive
behavioural research and data, expertise in camera-based optics and
embedded processing to deliver true AI driven human machine
interaction. The technology in corporates warnings when human state
attention impairment, distraction and other measures are
identified, in order to re-engage the operator or driver. Seeing
Machines continues to grow as an automotive leader in such
technology, having now won contracts with a total of seven
automotive Tier 1 global customers.
From its base in Canberra, Australia, Seeing Machines serves a
growing market in Europe, North America, Latin America, the Middle
East and Asia Pacific, and counts Caterpillar, General Motors,
Emirates, Venoeer, Progress Rail, Coach USA and Transport for
London among its major clients.
In the 6 months ended 31 December 2020, Seeing Machines reported
a loss for the period of A$16.8 million on revenue of A$18.1
million (year ended 30 June 2020: loss of A$46.7 million on revenue
of A$40.0 million). Seeing Machines's net assets at 31 December
2020 amounted to A$58.9 million inclusive of cash and cash
equivalent balances of A$52.4 million .
Subsequent to that 31 December 2020 half year end, Seeing
Machines announced on 22 March 2021 that it had raised gross
proceeds of approximately US$10 million through the issue of
68,403,430 new ordinary shares of no par value in order to further
strengthen the company's balance sheet and which is expected to
fund the business through to profitability.
Further information on Seeing Machines is available on its
website www.seeingmachines.com.
This announcement contains inside information for the purposes
of the UK Market Abuse Regulation and the Directors of the Company
are responsible for the release of this announcement.
Enquiries:
Adams plc
Mike Bretherton Tel: +44 1534 719761
Nomad - Cairn Financial Advisers LLP
Sandy Jamieson, James Caithie Tel: +44 207 213 0880
Broker - Peterhouse Capital Limited
Heena Karani/Duncan Vasey Tel: +44 207 469 0933
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END
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