Verditek PLC Subscription to raise GBP1,000,000 (3033M)
07 Maggio 2020 - 1:55PM
UK Regulatory
TIDMVDTK
RNS Number : 3033M
Verditek PLC
07 May 2020
07 May 2020
Verditek PLC
("Verditek" or the "Company")
Subscription of Ordinary Shares to raise GBP1,000,000
Verditek plc, (AIM:VDTK) the clean technology company is pleased
to announce that it has raised GBP1,000,000 before expenses by way
of a subscription of 40,000,000 ordinary shares ("Ordinary Shares")
at 2.5 pence per Ordinary Share (the "Issue Price") ("the
Subscription Shares") (the "Subscription") and that the issue was
oversubscribed.
The Issue Price represents a discount of approximately 22 per
cent to the closing mid-market price of Verditek's existing
Ordinary Shares on 6(th) May 2020 (being the last business day
prior to this Announcement).
The Subscription is not being underwritten and is conditional 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 8 November 2019. The Subscription Shares
represent approximately 14 per cent. of the Company's issued share
capital as enlarged by the Subscription Shares.
Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM ("Admission")
and it is expected that such Admission will occur at 8.00 a.m. on
18(th) May 2020 . 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, and will otherwise be identical to and rank on
Admission pari passu in all respects with the existing Ordinary
Shares. The Subscription Shares are not being made available to the
public and are not being offered or sold into any jurisdiction
where it would be unlawful to do so.
Following Admission, the Company will have 289,393,534 Ordinary
Shares in issue, none of which will be held in treasury.
Accordingly, shareholders may use this figure 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.
Rob Richards, CEO of Verditek, commented: "We are delighted with
this fresh injection of capital into the Company and the strong
demonstration of support from our investors. This will allow us to
aggressively pursue our commercialization strategy and the
acceleration of the production at our state-of-the-art facility in
Italy. In turn, this will allow us to transition the company from
the R&D phase, rapidly into a commercially successful operating
business
For further information, please contact:
Verditek plc
RH Lord David Willetts FRS (Non-Executive Chairman) +44 (0) 20
7129 1110
Rob Richards (Chief Executive Officer)
enquiries@verditek.com
WH Ireland Limited (NOMAD and Broker)
Chris Hardie (D irector, Corporate Finance) +44(0)207 220
1666
Chris.hardie@whirelandcb.com
About Verditek plc
AIM listed Verditek plc is a holding company with three
businesses operating within the clean technology sector. The
Company is focused on commercializing our lightweight low-profile
solar panel business. With manufacturing based in Lainate Italy, we
have developed renewable power solutions for our customers, that
drive solar energy into applications previously impossible. The
exceptional properties of our solar panels replace diesel fuel in
business such as perishable goods transport, off-grid
telecommunication towers, electric vehicle charging stations,
residential and holiday home power solutions and solar roofing for
light-weight industrial roofing.
In addition to our current PV panels in production, we have
partnered with an outstanding leader in graphene technology,
Paragraf, and have created the worlds' first Graphene Integrated
Photo Voltaic cell. We are working together to engineer the
technology for commercialization.
Verditek provides compelling commercial solutions that make our
customers business sustainable.
For more information please visit or contact the following:
https://verditek.com/
This information is provided by RNS, the news service of the
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END
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May 07, 2020 07:55 ET (11:55 GMT)
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