REG - Elektron Technology - Result of Open Offer <Origin Href="QuoteRef">EKT.L</Origin>

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06/09/2014 18:25

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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 PartnersAdrian Duffield/Kay Larsen  +44 (0)20 7457 2020          
 
 
+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