REG - Saietta Group PLC - Results of Bookbuild and Subscription

SaiettaAnnouncement

28/11/2023 07:00

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RNS Number : 8951U  Saietta Group PLC  28 November 2023

28 November 2023

 

Saietta Group plc

("Saietta" or "the Company" or "the Group")

 

Results of Bookbuild and Subscription

 

Directors' Dealings

 

 

 

Saietta Group plc (AIM: SED), the multi-national business which designs,
engineers and manufactures complete electric drivetrain (eDrive) solutions for
electric vehicles, is pleased to announce that, further to its announcement of
5:45p.m. on 27 November 2023, (the "Launch Announcement"), it has
conditionally completed the Bookbuild which is now closed, and a Subscription
of new Ordinary Shares by certain of the Company's Directors and other
investors.

 

Pursuant to the Placing and the Subscription, the Company has conditionally
placed, in aggregate, 39,649,604 new Ordinary Shares, raising proceeds of
approximately £6.7 million (before expenses) at an Issue Price of 17 pence
per share, reflecting a 17 per cent discount to the closing price on 24
November 2023, being the last business day prior to the announcement of the
Fundraising.

 

On First Admission, 8,135,752 Firm Placing Shares and 2,058,824 Firm
Subscription Shares will be issued. On Second Admission, subject to the
passing of the Fundraising Resolutions at the General Meeting, 4,852,941
Conditional Subscription Shares and a minimum of 24,602,087 Conditional
Placing Shares will be issued.

 

Canaccord Genuity Limited ("Canaccord") is acting as Nominated Adviser, Sole
Bookrunner and Sole Broker in connection with the Placing.

 

Capitalised terms used but not defined in this announcement shall have the
meaning given to them in the Launch Announcement.

 

Broker Option

 

In order to deal with any additional demand from shareholders and other
investors who did not participate in the Placing, the Company has granted an
option (the "Broker Option") to Canaccord to allow for the issue of up to an
additional 5,882,353 new Ordinary Shares (the "Broker Option Shares") at the
Issue Price.  The Broker Option is exercisable until 4.45 p.m. on 12 December
2023. Investors who wish to register their interest in subscribing for Broker
Option Shares should instruct their stockbroker to speak with a Canaccord
contact or email cg-ecm-uk@cgf.com (mailto:cg-ecm-uk@cgf.com) .

 

Directors' Participation

Emmanuel Clair, David Woolley, David Wilkinson and Devyani Vaishampayan each
of whom are Directors of the Company (the "Participating Directors"), have
agreed to participate in the Subscription for an aggregate of 2,058,824 Firm
Subscription Shares at the Issue Price. On Second Admission, following the
unconditional issue of the Conditional Fundraising Shares, the interests of
the Participating Directors in the Company's enlarged share capital will be as
follows:

 

 Participating Director  Number of existing Ordinary Shares  Number of Firm Subscription Shares  Total number of Ordinary Shares at both First Admission and Second Admission  Percentage of Enlarged Share Capital*
 Emmanuel Clair          12,722,622                          1,294,118                           14,016,740                                                                    9.1%
 David Wilkinson         11,956                              58,824                              70,780                                                                        0.0%
 David Woolley           0                                   588,235                             588,235                                                                       0.4%
 Devyani Vaishampayan    0                                   117,647                             117,647                                                                       0.1%

*Assumes that the Broker Option is exercised in full

 

Admission and Total Voting Rights

 

Application will be made to London Stock Exchange for admission of the
10,194,576 Firm Fundraising Shares to trading on AIM. It is expected that
settlement of any such shares and First Admission will take place no later
than 8.00 a.m. on 1 December 2023 and that dealings in the Firm Fundraising
Shares on AIM will commence at that time.

 

Application will be made to London Stock Exchange for admission to trading
of the 29,455,028 Conditional Fundraising Shares on AIM. Subject to the
passing of the Fundraising Resolution at the General Meeting, it is expected
that settlement of any such shares and Second Admission will take place no
later than 8.00 a.m. on 19 December 2023 and that dealings in the Conditional
Fundraising Shares will commence at that time.

Following First Admission there will be 113,209,438 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.

 

 

Following Second Admission, and assuming the Broker Option has not been
exercised, there will be 142,664,466 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.  If the Broker Option
is exercised, the Company will release a further announcement advising
shareholders of the revised aggregate number of Ordinary Shares which will be
in issue at Second Admission and the total voting rights.

 

Publication of Circular

 

A circular, containing further details of the Fundraising and notice of the
General Meeting to be held at 10.00 a.m. on 15 December 2023 to, inter alia,
approve the resolution required to implement the Fundraising, is expected to
be published to Shareholders shortly (the "Circular"). Following its
publication, the Circular will be available on the Group's website at:

https://www.saietta.com/investors/reports-presentations/
(https://www.saietta.com/investors/reports-presentations/)

 

Shareholders will be asked to vote in favour of the Fundraising Resolution at
the General Meeting in order for the Conditional Fundraising to proceed. If
the Fundraising Resolution is not passed by Shareholders, the Conditional
Fundraising cannot complete, and the Company will not receive the net proceeds
of the Conditional Fundraising. The Directors believe that successful
completion of the Conditional Fundraising is required to fund the Company's
short-term working capital requirements.

 

 

 

For any further enquiries, please contact:

 

 Saietta Group                              contact@saietta.com

 Tony Gott, Executive Chair

 David Woolley, Chief Executive Officer
 Canaccord Genuity (Nomad and Broker)       0207 523 8000

 Henry Fitzgerald-O'Connor / Harry Pardoe

 

 

About Saietta:

 

Listed on the London Stock Exchange's AIM, Saietta is a global business that
designs, develops and manufactures complete electric drivetrain (eDrive)
solutions for established manufacturers of a broad range of electric vehicles.

 

Saietta's breakthrough proprietary technologies include AFT (Axial Flux
Technology) and RFT (Radial Flux Technology) motors, power electronics,
powertrain controls, mechanical axles, transmissions and vehicle control
units. Considerable flexibility is built into the core design, meaning
solutions can be quickly and cost effectively tailored to a specific
application.

 

Saietta works in a highly collaborative way with clients, driven by the belief
that partnership is key to delivering world-class tailored solutions at pace.
Saietta's engineering team takes time to deeply understand a client's brand,
target market sector, competition and the services they require. Then Saietta
develops a bespoke suite of products and services to fast-track the client to
production with eDrive solutions which deliver a sustainable competitive
advantage.

 

 

 1   Details of the person discharging managerial responsibilities
 a)  Name                                             David Woolley
 2   Reason for the notification
 a)  Position/status                                  Chief Executive Officer
 b)  Initial notification/ Amendment                  Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                             Saietta Group PLC
 b)  LEI                                              213800OOUPLXQIFOO462
 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          Ordinary shares of £0.0011 each
 b)  Identification code of the Financial Instrument  GB00BNDM6X87
 c)  Nature of the transaction                        Purchase of shares
 d)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                      17 pence  588,235

 

 e)  Aggregated information:  volume, Price           Not applicable - single transaction
 f)  Date of the transaction                          27 November 2023
 g)  Place of the transaction                         Off market

 

 

e)

Aggregated information:  volume, Price

Not applicable - single transaction

f)

Date of the transaction

27 November 2023

g)

Place of the transaction

Off market

 

 

 

 1   Details of the person discharging managerial responsibilities
 a)  Name                                             Emmanuel Clair
 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                                             Saietta Group PLC
 b)  LEI                                              213800OOUPLXQIFOO462
 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          Ordinary shares of £0.0011 each
 b)  Identification code of the Financial Instrument  GB00BNDM6X87
 c)  Nature of the transaction                        Purchase of shares
 d)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                      17 pence  1,294,118

 

 e)  Aggregated information:  volume, Price           Not applicable - single transaction
 f)  Date of the transaction                          27 November 2023
 g)  Place of the transaction                         Off market

 

 

e)

Aggregated information:  volume, Price

Not applicable - single transaction

f)

Date of the transaction

27 November 2023

g)

Place of the transaction

Off market

 

 

 

 1   Details of the person discharging managerial responsibilities
 a)  Name                                             David Wilkinson
 2   Reason for the notification
 a)  Position/status                                  Interim CFO and 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                                             Saietta Group PLC
 b)  LEI                                              213800OOUPLXQIFOO462
 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          Ordinary shares of £0.0011 each
 b)  Identification code of the Financial Instrument  GB00BNDM6X87
 c)  Nature of the transaction                        Purchase of shares
 d)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                      17 pence  58,824

 

 e)  Aggregated information:  volume, Price           Not applicable - single transaction
 f)  Date of the transaction                          27 November 2023
 g)  Place of the transaction                         Off market

 

 

e)

Aggregated information:  volume, Price

Not applicable - single transaction

f)

Date of the transaction

27 November 2023

g)

Place of the transaction

Off market

 

 

 1   Details of the person discharging managerial responsibilities
 a)  Name                                             Devyani Vaishampayan
 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                                             Saietta Group PLC
 b)  LEI                                              213800OOUPLXQIFOO462
 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          Ordinary shares of £0.0011 each
 b)  Identification code of the Financial Instrument  GB00BNDM6X87
 c)  Nature of the transaction                        Purchase of shares
 d)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                      17 pence  117,647

 

 e)  Aggregated information:  volume, Price           Not applicable - single transaction
 f)  Date of the transaction                          27 November 2023
 g)  Place of the transaction                         Off market

 

 

e)

Aggregated information:  volume, Price

Not applicable - single transaction

f)

Date of the transaction

27 November 2023

g)

Place of the transaction

Off market

 

 

 

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