REG - Solid State PLC - Result of GM & Open Offer & Total Voting Rights

Solid StateAnnouncement

29/07/2022 11:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220729:nRSc2782Ua&default-theme=true

RNS Number : 2782U  Solid State PLC  29 July 2022

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER ARTICLE 7 OF THE EU
REGULATION 596/2014 AS IT FORMS PART OF THE UK LAW BY VIRTUE OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT
VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN
THE PUBLIC DOMAIN.

 

 

29 July 2022

 

Solid State plc

 ("Solid State", the " Group " or the "Company")

 

 

Result of General Meeting and Open Offer

Total Voting Rights

 

Solid State (AIM: SOLI), the specialist value added component supplier and
design-in manufacturer of computing, power and communications products,
announces that the Resolution put to Shareholders at the General Meeting held
earlier today in connection with the Placing, Open Offer and Directors'
Subscription to inter alia fund the Initial Consideration of the Acquisition
of Custom Power, was duly passed.  Accordingly, the Fundraising announced on
12 July 2022 is expected to complete, conditional on Admission, on 2 August
2022. Completion of the Acquisition of Custom Power is expected to take place
on or around 5 August 2022. The results of the voting will be included on the
Company's website in due course, www.solidstateplc.com
(http://www.solidstateplc.com) .

 

The Open Offer closed for applications, in accordance with its terms, at 11.00
a.m. on 28 July 2022 and the Company announces that valid applications, for
both Basic Entitlements and Excess Applications were received from Qualifying
Shareholders for a total of 182,322 New Ordinary Shares. As a result, a total
of 182,322 New Ordinary Shares will be issued in connection with the Open
Offer. All valid application of Qualifying Shareholders' Basic Entitlements
and Excess Applications will be met in full.

 

 

The total amount raised in the Fundraising is approximately £28.26 million
(before expenses)  by way of:

 

 * a Placing of 2,561,048 New Ordinary Shares at 1,025 pence per share to raise
approximately £26.25 million (before expenses);

 * the issue of  182,322 New Ordinary Shares at 1,025 pence per share to
Qualifying Shareholders pursuant to the Open Offer raising approximately
£1.87 million (before expenses); and

 * a Directors' Subscription of 14,146 New Ordinary Shares at 1,025 pence per
share raising approximately £0.145 million (before expenses)

 

Application has been made to the London Stock Exchange for the admission of
2,757,516 New Ordinary Shares to trading on AIM. This comprises 2,561,048
Placing Shares, 182,322 Open Offer Shares and 14,146 Directors' Subscription
Shares. The New Ordinary Shares will rank pari passu with the existing
Ordinary Shares. It is expected that Admission will become effective at 8.00
a.m. on 2 August 2022.

 

Total Voting Rights

 

Following Admission, the Company's issued share capital will consist of
11,322,394 Ordinary Shares of which 6,946 Ordinary Shares are held in
treasury. Therefore, the total number of voting rights in the Company is
11,315,448. Shareholders may use this figure 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, the Company under the FSA's
Disclosure and Transparency Rules.

 

This announcement should be read in conjunction with the full text of the
Circular posted to Shareholders on 13 July 2022 copies of which are available
on the Company's website at www.solidstateplc.com
(http://www.solidstateplc.com) . Capitalised terms in this announcement have
the same meaning as given in the Circular.

 

 

For further information please contact:

 

 Solid State plc                                    01527 830 630
 Gary Marsh - Chief Executive                       investor.information@solidstateplc.com

                                                  (mailto:investor.information@solidstateplc.com)
 Peter James - Group Finance Director

 WH Ireland (Nominated Adviser & Joint Broker)      020 7220 1666
 Mike Coe / Sarah Mather (Corporate Finance)

 Fraser Marshall (Corporate Broking/ Sales)

 finnCap (Joint Broker)                             020 7220 0500
 Ed Frisby / Kate Bannatyne (Corporate Finance)

 Rhys Williams / Tim Redfern (Sales / ECM)

 Walbrook PR (Financial PR)                         020 7933 8780
 Tom Cooper / Paul Vann                             0797 122 1972
                                                    tom.cooper@walbrookpr.com (mailto:tom.cooper@walbrookpr.com)

 

Analyst Research Reports: For further analyst information and research see
the Solid State plc website: https://solidstateplc.com/research/
(https://urldefense.proofpoint.com/v2/url?u=https-3A__solidstateplc.com_research_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=05PHl3GHdShYuaCii2fBRpoqaNr9B1d97X09daeosu0&m=JmX-gQVke87P3UDBxQzNglNm9FfzH5yZtIa_SmElSS4&s=ib8r3ul2tCaEvJ39SnR1LT7nCa7gAcRQzgO-kNoyZoM&e=)

 Notes to Editors:

Solid State plc (SOLI) is a value added electronics group supplying
commercial, industrial and military markets with durable components,
assemblies and manufactured units for use in specialist and harsh
environments.  The Group's mantra is - 'Trusted technology for demanding
applications'.  To see an introductory video on the Group
-  https://bit.ly/3kzddx7 (https://bit.ly/3kzddx7)

Operating through two main divisions: Systems (Steatite & Active Silicon)
and Components (Solid State Supplies, Pacer, Willow Technologies & AEC);
the Group specialises in complex engineering challenges often requiring
design-in support and component sourcing for computing, power, communications,
electronic, electro-mechanical and opto-electronic products.

Headquartered in Redditch, UK, Solid State employs approximately 300 staff
across UK and US, serving specialist markets in industrial, defence and
security, transportation, medical and energy.

Solid State was established in 1971 and admitted to AIM in June 1996.  The
Group has grown organically and by acquisition - having made 12 acquisitions
since 2002.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  ROMBKCBBKBKDCOB