REG - Windar Photonics PLC - Result of Oversubscribed Placing and Subscription

Windar PhotonicsAnnouncement

12/04/2024 17:00

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RNS Number : 5064K  Windar Photonics PLC  12 April 2024

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF
SOUTH AFRICA OR ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN
OFFER TO SELL OR ISSUE OR A SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE
ACQUIRE ANY SECURITIES IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR
SOLICITATION WOULD BE UNLAWFUL, INCLUDING THE UNITED STATES, CANADA,
AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA. NEITHER THIS ANNOUNCEMENT
NOR ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED UPON IN
CONNECTION WITH, ANY SUCH OFFER, SOLICITATION OR COMMITMENT WHATSOEVER IN ANY
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Windar Photonics plc

("Windar" or the "Company")

Result of Oversubscribed Placing and Share Subscription

Windar (AIM:WPHO), a technology group that has developed a LiDAR wind sensor
and software suite designed to efficiently and cost effectively increase the
power output of electricity generating wind turbines,  announces that,
further to its announcement of 3.44 p.m today, it has successfully raised net
proceeds of £4,000,000 with WH Ireland acting as sole Bookrunner to the
Placing.

The Placing has raised, in aggregate, gross proceeds of approximately
£4,000,000 through the placing of 11,431,426 new Ordinary Shares ("Placing
Shares") to certain institutional and other investors at a price of 35 pence
per share.

In addition, the receiving agent appointed in connection with a direct share
subscription with the Company ("Share Subscription") has received application
forms in respect of 1,200,000 new Ordinary Shares ("Subscription Shares") at a
price of 35 pence per share to raise approximately £420,000 million, subject
to the terms and conditions set out in the application forms.

The Placing and Subscription Shares will be issued on or around 17 April 2024.
The Placing and Subscription Shares will be issued fully paid and will rank
pari passu in all respects with the Company's existing Ordinary Shares.

The net proceeds of the Placing and Subscription received by the Company will
be used to:

·    Fund the increased working capital necessary for the Company to
fulfil recent contract wins and to meet its growth targets by taking advantage
of the opportunity afforded through potential future demand for Windar WindEye
/ WindTimizer systems;

·    Continue research and development, to take advantage of physical
product and software / service related opportunities;

·    Develop the Company's sales and marketing capability and activity in
order to deliver the growth opportunity; and

·    Strengthen the Company's balance sheet, pivoting the Company into a
stronger operating position.

Director and PDMR participation in the Placing

David Lis, the Non-Executive Chairman of the Company, has agreed to subscribe
for 1,428,571 New Ordinary Shares in the Placing. Immediately following
Admission, the total number of Ordinary Shares held by David Lis would be
1,826,071 representing 2.24 per cent. of the Enlarged Share Capital.

Gavin Manson, a Non-Executive Director of the Company, has agreed to subscribe
for 428,571 New Ordinary Shares in the Placing. Immediately following
Admission, the total number of Ordinary Shares held by Gavin Manson would be
428,571 representing 0.52 per cent. of the Enlarged Share Capital.

Admission and Total Voting Rights

Application has been made to the London Stock Exchange for admission of the
Placing and Subscription Shares to trading on AIM (the "Admission"). It is
expected that admission will become effective and dealings in the Placing and
Subscription Shares will commence at 8.00 a.m. on or around 17 April 2024.

Admission of the Placing Shares is conditional, inter alia, upon the Admission
becoming effective and the Placing Agreement not having been terminated and
becoming unconditional in respect of the Placing Shares.  Admission of the
Subscription Shares is conditional upon receipt of subscription letter(s) by
the Company and upon Admission becoming effective.

Following Admission, the total number of Ordinary Shares in the capital of the
Company in issue will be 81,287,870 Ordinary Shares with voting rights. This
figure may be used by shareholders in the Company 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's share capital.

 

Capitalised terms used but not defined in this announcement have the meanings
given to them in the Company's announcement released this afternoon in respect
of the Placing unless the context provides otherwise.

For further enquiries:

 

 Windar Photonics plc
 Jørgen Korsgaard Jensen, CEO                              Tel:  +45
                                                           24234930

 WH Ireland Limited (Sole Bookrunner, Nomad & Broker)
 Hugh Morgan / James Bavister / Isaac Hooper               Tel:  +44 20 72201666

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         David Lis
 2    Reason for the notification
 a)   Position/status                                              Chairman
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Windar Photonics plc

 b)   LEI                                                          2138003JZZMKJGOOCR02

 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Purchase of Placing Shares

      Identification code

                                                                   ISIN: GB00BTFR4F17
 b)   Nature of the transaction
 c)   Price(s) and volume(s)                                       Price  No. of shares
                                                                   35p    1,428,571
 d)   Aggregated information

      - Aggregated volume

      - Price                                                       1,428,571

                                                                   35p
 e)   Date of the transaction                                      12 April 2024
 f)   Place of the transaction                                     AIM

d)

Aggregated information

- Aggregated volume

- Price

 

 

 1,428,571

35p

e)

Date of the transaction

12 April 2024

f)

Place of the transaction

AIM

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Gavin Manson
 2    Reason for the notification
 a)   Position/status                                              Non-Executive Director
 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Windar Photonics Plc
 b)   LEI                                                          2138003JZZMKJGOOCR02
 4    Details of the transaction(s): section to be repeated for (i) each type of

    instrument; (ii) each type of transaction; (iii) each date; and (iv) each
      place where transactions have been conducted
 a)   Description of the financial instrument, type of instrument  Purchase of Placing Shares

      Identification code

                                                                   ISIN: GB00BTFR4F17
 b)   Nature of the transaction
 c)   Price(s) and volume(s)                                       Price  No. of shares
                                                                   35p    428,571
 d)   Aggregated information

      - Aggregated volume

      - Price                                                       428,571

                                                                   35p
 e)   Date of the transaction                                      12 April 2024
 f)   Place of the transaction                                      AIM

d)

Aggregated information

- Aggregated volume

- Price

 

 

 428,571

35p

e)

Date of the transaction

12 April 2024

f)

Place of the transaction

 AIM

 

About Windar Photonics

 

Windar Photonics plc is a technology group that has developed Light Detection
and Ranging ("LiDAR") optimisation systems for use on electricity generating
wind turbines. LiDAR wind sensors in general are designed to remotely measure
wind speed and direction.

 

- Ends -

 

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