RNS Number : 6250M
Elektron Technology PLC
17 July 2014
 



Not for release, publication or distribution in whole or in part, in or into the United States, Canada, Australia, Japan, NEW ZEALAND, RUSSIA, SOUTH AFRICA or any other jurisdiction where to do so would be unlawful

 

17 July 2014

 

Elektron Technology plc

("Elektron" or the "Company" or the "Group")

 

Result of Open Offer

 

Elektron Technology plc (AIM: EKT), the global technology group, is pleased to announce that it expects to raise £988,729 (before expenses) in the Open Offer previously announced on 23 June 2013 through the issue of 19,774,586 new ordinary shares of 5 pence each (the "Open Offer Shares") at a price of 5 pence per Open Offer Share. The Open Offer closed at 11am on 15 July 2014. Qualifying shareholders who validly applied for Open Offer Shares will receive the full amount of Open Offer Shares they applied for.

 

The New Ordinary Shares (in uncertificated form) are expected to be credited to CREST accounts on 18 July 2014 and definitive share certificates for the new ordinary shares (in certificated form) are expected to be despatched to certificated shareholders on or around 25 July 2014.

 

The Company intends to use the net proceeds of the Open Offer and previously announced placing to reduce its borrowings with the bank, to fund working capital requirements and to invest in new product development and marketing.

 

Certain directors and significant shareholders took part in the Open Offer through commitments announced on 23 June 2014 or participation in the Open Offer. The following table indicates the participation of those parties:

 


Before Open Offer

Interest in the Enlarged Share Capital

Name

Existing Ordinary Shares

Percentage

Shares subscribed for in the Open Offer

After Admission of the Open Offer Shares

 

 Percentage

Keith Daley (1)

20,612,016

12.39%

1,640,000

22,252,016

11.96%

John Kinder

24,927,711

14.99%

4,300,000

29,227,711

15.71%

D&A Income Limited

34,900,000

20.9%

10,000,000

44,900,000

24.13%

Ric Piper

326,000

0.20%

54,333

380,333

0.20%

Tony Harris

10,000

0.01%

70,000

80,000

0.04%

 

(1)  Inclusive of his Joint Share Ownership Plan interest held under the Elektron Technology 2012 Employee Benefit Trust

 

Application has been made to the London Stock Exchange for the Open Offer Shares to be admitted to trading on AIM. It is expected that such admission will occur at 8.00 a.m. on 18 July 2014 ("Admission").

 

Following Admission, the Open Offer Shares will rank pari passu in all respects with the existing ordinary shares in issue including the right to receive all dividends and other distributions declared. Following the Open Offer, the Company's total issued and voting share capital will comprise 186,099,851 ordinary shares. This figure may be used 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, securities of the Company under the FCA's Disclosure and Transparency Rules.

 

For further information, please contact:

 

Elektron Technology

www.elektron-technology.com

Keith Daley - Executive Chairman

+44 (0)1223 371 000

John Wilson - CEO


Andy Weatherstone - CFO




finnCap (Nominated Adviser and Broker)

+44 (0)20 7220 0500

Ed Frisby/Ben Thompson (corporate finance)


Malar Velaigam (corporate broking)




Instinctif Partners

Adrian Duffield/Kay Larsen


+44 (0)20 7457 2020

 

Notes to Editors

 

Elektron conceives, designs and markets innovative engineered products and services for businesses at its technology hub in Cambridge. It has a multi skilled team of engineers and product line specialists focused on the opportunities created by disruptive global trends in the following areas:

 

-      New waves of "aware" business applications:  Internet of Things

-      Demand for ubiquitous power and data: Connectivity Solutions

-      Growth in high precision manufacture: Nanopositioning

-      Healthcare for the ageing population: Ophthalmology

-      Connected customer experiences and service delivery: Ecommerce and EService

 

In addition it owns a portfolio of well-established products and brands which provide customer access and feedback.

 

Elektron Technology is headquartered in Cambridge and its shares are admitted to trading on the AIM market of the London Stock Exchange.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCEAFXXFEFLEFF