REG - SRT Marine Systems - Result of Placing

SRT Marine SystemsAnnouncement

23/06/2023 16:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230623:nRSW7872Da&default-theme=true

RNS Number : 7872D  SRT Marine Systems PLC  23 June 2023

 

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED WITHIN IT (THIS
"ANNOUNCEMENT") IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR
INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES (INCLUDING
ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE
DISTRICT OF COLUMBIA, COLLECTIVELY THE "UNITED STATES") OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
PROHIBITED BY LAW ("RESTRICTED JURISDICTION").

 

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER IN ANY RESTRICTED JURISDICTION.

 

Capitalised terms not otherwise defined herein shall have the meanings given
to them in the announcement made by SRT Marine Systems plc on 23 June 2023 at
07:00 a.m. (the "Launch Announcement"), unless the context requires otherwise.

 

 

For immediate release

23 June 2023

SRT Marine Systems plc

 

Result of Placing

 

SRT Marine Systems plc (AIM: SRT), a global provider of integrated maritime
surveillance systems and digital navigation safety transceivers ("SRT" or the
"Company"), is pleased to announce that further to the Launch Announcement,
the Bookbuild has closed and the Company has conditionally raised gross
proceeds of approximately £4.61 million, through the successful placing of
9,220,000 Placing Shares at the Issue Price of 50 pence per New Ordinary
Share, a significant increase to the minimum size of the Placing described in
the Launch Announcement following strong investor demand.

 

In addition to the Placing, the Company is also providing Retail Investors
with the opportunity to subscribe for an aggregate of up to 1,500,000 Retail
Shares at the Issue Price on the PrimaryBid platform, to raise up to
approximately £0.75 million (before expenses). The Retail Offer is due to
close on 26 June and the results of the Retail Offer will be announced
separately thereafter.

As a result the gross proceeds from the Fundraising are expected to be up to
£5.36 million (before expenses) through the issuance of up to 10,720,000 New
Ordinary Shares.

 

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

                                                                         2023
 Announce Close of the Placing                                           23 June
 Announce Close of Retail Offer                                          26 June
 Commencement of dealings in the New Ordinary Shares on AIM              08:00 a.m. 30 June
 Admission of New Ordinary Shares in uncertificated form expected to be  30 June
 credited to accounts in CREST (uncertificated holders only)
 Expected date of despatch of definitive share certificates for the New  Within 10 business days of Admission
 Ordinary Shares in certificated form (certificated holders only)

 

 Notes

1.     Each of the times and dates in the above timetable is subject to
change at the absolute discretion of the Company (with the agreement of
finnCap). If any of the above times and/or dates change, the revised times
and/or dates will be notified to Shareholders by way of an announcement
through a Regulatory Information Service.

2.     References to time in this document are to London time.

Director Participation

 

Simon Tucker, CEO of the Company, has confirmed that his participation in the
Fundraising will now take place through the Retail Offer. A further
announcement will be made when the results of the Retail Offer are announced.

 

Admission

 

The Placing and Retail Offer are conditional upon, inter alia, Admission
becoming effective.

 

The New Ordinary Shares will, when issued, be credited as fully paid and rank
pari passu with the Existing Ordinary Shares.

Application will be made to the London Stock Exchange for the New Ordinary
Shares to be admitted to trading on AIM and, subject to the Placing Agreement
not having been terminated in accordance with its terms, it is expected that
Admission will become effective and trading in the New Ordinary Shares will
commence at 8.00 a.m. on 30 June 2023.

 

The total voting rights as of Admission will be announced separately with the
results of the Retail Offer.

 

Enquiries:

 

 SRT Marine Systems plc                                    www.srt-marine.com

                                                           +44 (0) 20 7036 1400

 Simon Tucker (CEO)                                        simon.tucker@srt-marine.com

 Louise Coates (Marketing Manager)                         louise.coates@srt-marine.com

 finnCap Ltd (Nominated Adviser & Broker)                  +44 (0) 20 7220 0500

 Jonny Franklin-Adams / Teddy Whiley (Corporate Finance)

 Tim Redfern / Charlotte Sutcliffe (ECM)

 

 

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  ROIZXLFLXQLZBBZ