Exercise of Broker Option
18/08/2022 07:00
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RNS Number : 3978W Saietta Group PLC 18 August 2022
18 August 2022
Saietta Group plc
("Saietta" or "the Company" or "the Group")
Exercise of Broker Option
Saietta (AIM: SED), the international electric powertrain group, is pleased to
announce that, further to the announcement of the proposed Placing on 3 August
2022, the Broker Option has been exercised in respect of 434,783 new Ordinary
Shares (the "Broker Option Shares"), raising additional gross proceeds of
£600,000 for the Company.
The Broker Option Shares will be issued at a price of 138 pence per new
Ordinary Share (being the Issue Price) and on the same terms and conditions as
the issue of the Placing Shares pursuant to the Placing.
With the exercise of the Broker Option and the admission of the Placing Shares
to trading on AIM, this results in a total gross fundraise of £23.6 million
for the Company; comprising the Placing raising £23 million (before
expenses), and the Broker Option raising £600,000 (before expenses).
Admission and Total Voting Rights
Subject to shareholder approval, the Company will make an application to
London Stock Exchange plc for an aggregate total of 17,101,450 new Ordinary
Shares; comprising the 16,666,667 Placing Shares and 434,783 Broker Option
Shares (together the "New Ordinary Shares"), to be admitted to trading on AIM
("Admission"). It is expected that Admission of the New Ordinary Shares will
become effective and dealings will commence on Wednesday 24 August 2022. The
Placing Shares and Broker Option Shares will rank pari passu with the existing
Ordinary Shares.
Following Admission of the New Ordinary Shares there will be 102,246,893
Ordinary Shares in issue. This number may be used by shareholders as the
denominator for the calculation by which they will determine if they are
required to notify their interest in, or a change in their interest in, the
share capital of the Company.
Capitalised terms used but not defined in this announcement shall have the
meaning given to them in the Company's announcement of the proposed Placing on
3 August 2022.
For any further enquiries, please contact:
Saietta Group plc via FTI
Wicher (Vic) Kist, Group Chief Executive Officer
Steven Harrison, Group Chief Financial Officer
Canaccord Genuity (Nomad and Broker) 0207 523 8000
Henry Fitzgerald-O'Connor
Sam Lucas
Patrick Dolaghan
FTI Consulting (Financial PR advisor) Tel: +44 (0) 20 3727 1000
Ben Brewerton saietta@fticonsulting.com
Dhruv Soni
About Saietta:
Saietta is an AIM-quoted, multi-national business which designs, engineers and
manufactures complete Light-duty and Heavy-duty e-drive systems for electric
vehicles on land from scooters to buses (Vehicle categories L, M, N and T) as
well as marine applications (www.saietta.com).
Saietta has engineered breakthrough electric motor technology including
proprietary AFT (Axial Flux Technology) and RFT (Radial Flux Technology) which
can be combined with in-house power electronics, powertrain controls,
mechanical axles and transmissions. The designs are unique and modular,
delivering both high and low voltage electric drive solutions. Saietta's
difference lies in its ability to conceive powertrain solutions tailored to
deliver competitive advantage and its turnkey engineering services designed to
fast-track electric vehicle manufacturers from concept to start of production.
To demonstrate the outstanding attributes of the AFT technology and the
company also founded its own next-generation marine propulsion division Propel
(www.propel.me) which delivers solutions for boating in the electric era that
support the transition to decarbonization and clean mobility on waterways.
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