REG - Microsaic Systems - Result of General Meeting

Microsaic SystemsAnnouncement

29/12/2023 11:45

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RNS Number : 2336Y  Microsaic Systems plc  29 December 2023

29 December 2023

Microsaic Systems plc

("Microsaic" or the "Company")

 

Result of General Meeting

 

Capitalised terms in this announcement carry the same meaning as in the
Circular

or subsequent announcements, unless the context indicates otherwise

 

Microsaic Systems plc (AIM: MSYS), the developer of micro-electronic
instruments and analytical solutions, is pleased to announce that, further to
the Circular dated 4 December 2023 and subsequent announcements made by the
Company, all resolutions put to the reconvened General Meeting held earlier
today¹ were duly passed. The voting results for each resolution are as
follows:

 

 No.  Resolution                                      For            % For   Against      % Against   Withheld
 1    Consolidation of share capital                  2,821,190,259  99.09%  25,985,533  0.91%        3,868,146
 2    Sub-division of share capital                   2,819,716,552  99.10%  25,717,485  0.90%        5,609,901
 3    Adoption of new articles of association         2,820,150,506  99.16%  23,971,400  0.84%        6,922,032
 4    Authority to allot shares                       2,823,949,262  99.22%  22,071,167  0.78%        5,023,509
 5    Disapplication of statutory pre-emption rights  2,818,435,823  99.14%  24,379,448  0.86%        8,228,667

 

 

Shareholders are advised that the record date for the Share Consolidation and
Sub-division is 6.00 p.m. today and it is expected that CREST accounts will be
credited with New Ordinary Shares held in uncertificated form (where
applicable) on or around 2 January 2024.

 

The Company continues to make good progress with regard to both the Revised
Fundraising and the Acquisition.  Turner Pope Investments, acting as broker
to the Fundraising, expects to firm up binding conditional commitments to the
Placing within the next few business days. These commitments will remain
conditional, inter alia, on the entry by the Company into the Acquisition
Agreement and other items described in the Circular which are prerequisites
for the Company obtaining the restoration to trading on AIM of its New
Ordinary Shares. The Company currently anticipates that support for the
Revised Fundraising will be sufficient to meet the revised minimum requirement
and also provide additional working capital for the enlarged business
following completion of the Acquisition. A further announcement will be made
following receipt of the binding commitments being sought.

 

Microsaic also continues to advance its interest in acquiring the assets and
business of the water testing business previously operated by Modern Water,
and is progressing its due diligence in parallel with negotiation of the terms
of a sale and purchase agreement with the vendor. Updates will be provided as
appropriate.

 

Further information relating to the expected timetable of principal events for
the Revised Fundraising, the Acquisition and other matters in relation thereto
will be provided in the coming days.

 

¹Resolution 6 in connection with Cancellation was withdrawn as announced on
22 December 2023

 

This announcement contains inside information as stipulated under the UK
version of the Market Abuse Regulation No 596/2014 which is part of English
Law by virtue of the European (Withdrawal) Act 2018, as amended. On
publication of this announcement via a Regulatory Information Service, this
information is considered to be in the public domain.

 

Enquiries:

 Microsaic Systems plc                            +44 (0) 20 3657 0050

 Bob Moore, Acting Executive Chairman             via TPI

 Singer Capital Markets (Nominated Adviser)       +44 (0)20 7496 3000

 Aubrey Powell / Angus Campbell / Oliver Platts

 Turner Pope Investments (TPI) Limited (Broker)   +44 (0) 20 3657 0050

 Andy Thacker / James Pope

 

About Microsaic Systems

Microsaic has over 20 years' experience in microelectronics and development of
instrumentation. The Company has a robust and innovative patent portfolio in
cutting-edge technology designed and developed for "Industry 4.0" application
serving markets in diversified Industries, Human and Environmental Health.
Microsaic's system solutions have enabled analytical detection and
characterisation at the point-of-need, whether within a conventional
laboratory setting, or within a bioprocessing facility for continuous
detection of data at multiple steps in the process workflow.

 

Microsaic's products and solutions are commercially available through global
markets via a network of regional and local partners, targeting its core
laboratory, manufacturing and point-of-need applications.

 

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