REG - Geiger Counter Ltd Geiger Counter - GCS - Subscription Rights Results 2026

Geiger CounterAnnouncement

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RNS Number : 2088D  Geiger Counter Ltd  06 May 2026

Geiger Counter Limited (or the "Company")

6 May 2026

Result of subscription rights exercise for Ordinary Shares

 

The Board of the Company announces that applications have been received from
shareholders to subscribe for 14,151,839 new ordinary shares of no par value
("Ordinary Shares") at a price of 37.20 pence per share (the "Subscription
Price").  A total of 14,151,839 Ordinary Shares will therefore be issued to
the successful applicants on the basis of one new Ordinary Share for every
five existing Ordinary Shares registered in the name of the successful
applicants on the record date, 9 April 2026.

 

Outstanding Subscription Rights

Shareholders did not apply to take up their subscription rights entitlements
of 6,815,308 Ordinary Shares.  In accordance with the terms and conditions on
which the Subscription Rights were issued, the Company has appointed itself as
trustee (the "Subscription Trustee").  If the Subscription Trustee is of the
opinion that the net proceeds of sale of the Ordinary Shares arising on
exercise of the outstanding Subscription Rights (after deduction of all costs
and expenses incurred) will exceed the aggregate costs of subscription, the
Subscription Trustee will exercise either (i) all the Subscription Rights
which have not been exercised or (ii) at the Subscription Trustee's discretion
such number of Subscription Rights as will, in the Subscription Trustee's
opinion, result in the Ordinary Shares arising from such exercise being sold
in the market for such net proceeds as will exceed the costs of exercising
such Subscription Share Rights and the costs and expenses of sale.

It is intended that the full number of Ordinary Shares that would arise from
the exercise of the outstanding Subscription Rights (the "Rump") will be sold
by the Subscription Trustee by way of a secondary market placing executed at
the maximum available, single clearing price. However, the Subscription
Trustee reserves its absolute discretion to execute bargains in such sizes and
prices as it deems appropriate to the interests of the outstanding
Subscription Shareholders.  Qualified investors (as defined in section 86(7)
of the Financial Services and Markets Act 2000 (as amended)) considering
participation in the secondary market placing are advised to contact
Subscription Trustee as soon as practicable.  Orders for the placing should
state the number of shares to be purchased and the maximum purchase price (or
confirm that the investor is willing to trade "at strike").  Investors
placing orders should note that if the full extent of the Rump is not covered,
then a bargain is expected to be executed at the maximum available, single
clearing price for the actual size of the book.

If the Subscription Trustee is of the opinion that the gross proceeds of sale
of the Ordinary Shares by the Subscription Trustee are likely to exceed the
costs of subscription but the excess is not sufficient to meet the costs and
expenses incurred by the Subscription Trustee, the Board intends that part or
all of such costs and expenses will be borne by the Company, provided that at
that time the Board believes this to be in the best interests of the Company
and Shareholders as a whole.

The Subscription Trustee will distribute the proceeds of any sale (less any
related subscription costs and other costs and expenses) pro rata to the
persons entitled thereto, provided that entitlements of under £5.00 shall be
retained for the benefit of the Company.

Accordingly, the Company announces that it will be issuing and allotting
14,151,839Ordinary Shares, subject to admission to trading.  Application will
be made for the new Ordinary Shares to be admitted to trading on the London
Stock Exchange.  It is expected that dealings will commence at 8.00 a.m. on
11 May 2026.

 

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and
Transparency Rules ("DTRs"), following Admission the issued ordinary share
capital of the Company will consist of 166,826,088 Ordinary Shares, of which
47,838,208 shares are held in treasury by the Company, resulting in
118,987,880 Ordinary Shares with voting rights attached.  This figure of
118,987,880 may be used by the Company's shareholders as the denominator for
the calculation by which they will determine whether they are required to
notify their interest in, or a change to their interest in, the share capital
of the Company under the DTRs.

All shareholders will have a further right to subscribe for shares on 30 April
2027 (on the basis of one new Ordinary Share for every five Ordinary Shares
held).  The subscription price will be equal to the unaudited diluted net
asset value per share on 1 May 2026.  A reminder will be sent to shareholders
prior to the next subscription date.

 

Enquiries

 

 Manulife | CQS Investment Management    Craig Cleland                              T: +44 (0) 20 7201 5368
 Cavendish Capital Markets Limited       Tunga Chigovanyika                         T: +44 (0) 20 7397 1915

                                          (Corporate Finance)
                                         Daniel Balabanoff / Pauline Tribe (Sales)  T: +44 (0) 20 7220 0500
 Summit Fund Services Jersey Limited     Christopher Foulds                         T:+44 (0) 1534 825 259

 

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