REG - Solid State PLC - Result of Placing, Notice of GM & Circular

Solid StateAnnouncement

13/07/2022 07:00

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RNS Number : 2502S  Solid State PLC  13 July 2022

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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
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NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES,  CANADA, AUSTRALIA, REPUBLIC OF
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WHICH IT WOULD BE UNLAWFUL TO DO SO.

 

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF
CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.
THIS ANNOUNCEMENT AND THE APPENDICES DO NOT CONSTITUTE OR CONTAIN ANY
INVITATION, SOLICITATION, RECOMMENDATION, OFFER OR ADVICE TO ANY PERSON TO
SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES OF SOLID STATE
PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE
UNLAWFUL.

 

13 July 2022

 

Solid State plc

 

 

Result of Placing

Notice of General Meeting and posting of Circular

 

Solid State plc (AIM: SOLI), the specialist value added component supplier and
design-in manufacturer of computing, power and communications products, is
pleased to announce that, further to the announcement made yesterday, the
Company has conditionally raised approximately £26.250 million (before
expenses) pursuant to the Placing. Pursuant to the Placing, 2,561,048 New
Ordinary Shares have been conditionally placed at an issue price of 1,025
pence per share. WH Ireland and finnCap acted as Joint Brokers in connection
with the Placing which was oversubscribed.

 

As part of the Fundraising, the Company also announced yesterday details of an
Open Offer to be made to Qualifying Shareholders to raise up to an additional
approximately £2 million and a Directors' Subscription to raise up to £0.15
million, in each case at the Issue Price.

 

The Placing, Open Offer and Directors' Subscription are conditional on,
amongst other matters, the passing of the Resolution at the General Meeting
and upon the Placing and Open Offer Agreement between the Company WH Ireland
and finnCap becoming unconditional and not being terminated in accordance with
its terms.

 

Notice of General Meeting and posting of Circular

The Circular, which contains the Notice of General Meeting, in respect of the
Acquisition, Placing, Open Offer and Directors' Subscription is expected to be
posted to Shareholders later today and will also be available on the Company's
website www.solidstateplc.com (http://www.solidstateplc.com) .

 

The General Meeting will be held on 29 July 2022 at 11:00 a.m.

 

Admission and settlement

 

Application will be made to the London Stock Exchange for the New Ordinary
Shares to be admitted to trading on AIM. Subject, inter alia, to the
Resolution being passed, it is expected that Admission will become effective
and that dealings in the New Ordinary Shares will commence on AIM on 2 August
2022. The New Ordinary Shares will rank pari passu in all respects with the
Existing Ordinary Shares.

 

Upon Admission, and assuming full take up of the Open Offer Shares and the
issue of the maximum number of Directors' Subscription Shares, the Enlarged
Issued Share Capital is expected to be 11,327,624 Ordinary Shares. On this
basis, the New Ordinary Shares will represent approximately 24.5 per cent. of
the Enlarged Issued Share Capital.

 

Definitions

 

Capitalised terms used in this announcement have the meanings given to them in
the announcement, released yesterday, unless the context provides otherwise.

Gary Marsh, Chief Executive of Solid State, said: "We are very pleased with
the backing we have received from investors in this oversubscribed placing.
The funds raised, which are subject to the approval of shareholders, will
support the acquisition of Custom Power.

 

"This acquisition meets all four tenets of our growth strategy; being
technology enhancement, internationalisation of the Group, expansion of
own-brand products and talent development.

 

"Through the acquisition of Custom Power, the Group will be able to offer a
broader product range and greater scale in its international power business,
with the added margin benefits of an own-brand product portfolio and
specialist engineering capability targeting the security, defence, medical and
industrial markets."

 

 

 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)      0202 220 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.

 

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