Source - RNS
RNS Number : 4510L
Cyan Holdings Plc
03 October 2016
 

 

 

Cyan Holdings plc
("CyanConnode" or the "Group")

 

Issue of Equity

and Total Voting Rights

JST Thailand increases strategic investment in CyanConnode

CyanConnode (AIM: CYAN.L), the world leader in narrowband RF networks for Omni IoT communications is pleased to announce that the J. S. Technical Services Company Limited group ("JST") operating out of Thailand has invested a further £1,050,000 in the Group by way of a subscription for shares in Cyan Holdings plc..

 

JST invested £2,000,000 into CyanConnode equity in June 2016 and has now approached the Group again with a request to make a further equity investment to increase their holding.

 

This investment is being made by way of a subscription for 583,333,332 ordinary shares of 0.01p each ("Subscription Shares") at a price of 0.18 pence per share (the "Issue Price") (the "Subscription"). The Issue Price represents a discount of 2.70 per cent. to the Group's mid-market closing price on 30 September 2016, being the last business day prior to the publication of this announcement.

 

The Subscription is an extension to the placing and acquisition announced in the Circular on 14 June 2016, which was approved by the CyanConnode shareholders on 30 June 2016. Following Admission, JST's interest in the Group will represent 11.3% of the issued share capital of the Group as enlarged by the Subscription (the "Enlarged Share Capital").

 

Highlights

 

·      Issue of 583,333,332 Subscription Shares to raise proceeds of £1,050,000

·      The proceeds of the Subscription will be used for working capital purposes

·      The Subscription Shares will represent 3.89% of the Enlarged Share Capital following admission

·      The Subscription is not underwritten. The Subscription is conditional only upon admission of the Subscription Shares to trading on AIM

 

The Subscription has been undertaken pursuant to the general authorities granted to the board of directors at the general meeting of the Group held on 30 June 2016 and therefore no further shareholder approval is required.

 

Application will be made for the admission of the Subscription Shares to trading on AIM and it is expected that the Subscription Shares will be admitted to trading on AIM at 8.00 a.m. on 7 October 2016 ("Admission"). The Subscription Shares will be issued credited as fully paid and will rank pari passu in all respects with the Group's existing ordinary shares of 0.01 pence each. The Subscription Shares are not being made available to the public and are not being offered or sold in or into any jurisdiction where it would be unlawful to do so.

 

Total Voting Rights

 

Following Admission and following the issue in September 2016 of 32,993,525 Ordinary Shares pursuant to its block listing arrangements, the Group's total issued share capital will be 15,014,418,148 ordinary shares of 0.01 pence each. This figure of 15,014,418,148 may be used by shareholders as the denominator by which they will determine if they are required to notify their interest in, or a change to their interest in, the Group under the Disclosure and Transparency Rules.

 

 

John Cronin, Executive Chairman of Cyan, commented:

 

"I was delighted to be approached by JST wishing to make a further investment in CyanConnode as an extension to the funds they had already invested in June 2016 and the Group is very appreciative of their continued support.

 

"Furthermore, we have a very strong working relationship with JST as we continue to develop the market in Thailand together as part of the Group's wider strategy of further expanding our geographic reach."

 

The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). This inside information is now considered to be in the public domain.

 

Enquiries:

 

Cyan Holdings plc

Tel: +44 (0) 1954 234 400

John Cronin, Executive Chairman

www.cyantechnology.com



Cantor Fitzgerald Europe - Nomad and Broker

Tel: +44 20 7894 7000

Andrew Craig /  Richard Salmond




Beaufort Securities Limited - Joint Broker

Tel:  +44 (0) 20 7382 8300

Jon Belliss




Walbrook PR - Financial PR

Tel:  +44(0) 20 7933 8780

Paul Cornelius/Nick Rome

 

[email protected]


About CyanConnode

CyanConnode is a world leader in narrowband RF mesh networks that enable Omni IoT communications. Cyan's Ultimesh provides narrowband RF mesh network, optimised for exceptional performance and total cost of ownership and Connode's Panmesh delivers standards-based IPv6 solutions, enabling rapid innovation for the implementation of 3rd party applications. The Group provides customers with the flexibility and choice required to converge networks for applications in smart cities and IoT, delivering increased customer value. 

 

For more information, please visit www.cyanconnode.com.

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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