30 June 2022
Verditek plc
("Verditek" or the "Company")
Subscription of Ordinary Shares to raise £1,520,000
Verditek plc (AIM:VDTK), the international clean technology company that develops, manufactures and sells certified lightweight solar panels, is pleased to announce that it has raised £1,520,000 before expenses by way of a subscription of 101,333,333 ordinary shares ("Ordinary Shares") at 1.5 pence per Ordinary Share (the "Issue Price") (the "Subscription Shares") (the "Subscription").
The Issue Price represents a discount of approximately 40 per cent to the closing mid-market price of 2.5 pence of Verditek's existing Ordinary Shares on 29 June 2022 (being the last business day prior to this Announcement).
The Subscription is not being underwritten and is conditional on admission of the Subscription Shares to trading on AIM. The Subscription is being conducted pursuant to the existing authorities granted to the Directors of the Company at its annual general meeting on 30 July 2021. The Subscription Shares represent approximately 22.9 per cent. of the Company's issued share capital as enlarged by the Subscription Shares.
Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will occur at or around 8.00 a.m. on 1 July 2022. The Subscription Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Subscription Shares, and will otherwise be identical to and rank on Admission pari passu in all respects with the existing Ordinary Shares. The Subscription Shares are not being made available to the public and are not being offered or sold into any jurisdiction where it would be unlawful to do so.
Following Admission, the Company will have 443,538,306 Ordinary Shares in issue, none of which will be held in treasury. Accordingly, 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 FCA's Disclosure Guidance and Transparency Rules.
Related Party Transaction
Gavin Mayhew, as a director of the Company, is considered to be a "related party" as defined under the AIM Rules and has subscribed for 20,000,000 Ordinary Shares at the Issue Price, being an amount of £300,000. Accordingly, Gavin's participation in the Subscription constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.
All the other directors of Verditek, who are independent to the Subscription, consider, having consulted with the Company's nominated adviser WH Ireland, that the terms of the Subscription are fair and reasonable insofar as the Company's shareholders are concerned.
Rob Richards, CEO of Veritek, commented: "Although raising cash via dilution is never an easy decision to take, I am delighted that over 80% of the raise has been achieved with long-term shareholders, including a director, who continue to believe in the future of the company."
For further information, please contact:
Verditek plc
Rob Richards (Chief Executive Officer) +44 (0) 20 7129 1110
Vicki Johnson (Chief Financial Officer)
WH Ireland Limited (NOMAD and Broker)
Chris Hardie +44(0) 20 7220 1666
Ben Good
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Notification And Public Disclosure Of Transactions By Persons Discharging Managerial Responsibilities And Persons Closely Associated With Them
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Gavin Mayhew | ||||
| 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: | Verditek Plc | ||||
| b) | LEI: | 213800YWMHGTNXCWZC33 | ||||
| 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, type of instrument: Identification code: | Ordinary shares of 0.04 pence
| ||||
| b) | Nature of the transaction: | Purchase of ordinary shares | ||||
| c) | Price(s) and volume(s): |
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| d) | Aggregated information: Aggregated volume: Price: |
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| e) | Date of the transaction: | 30 June 2022 | ||||
| f) | Place of the transaction: | AIM | ||||
About Verditek plc
AIM listed Verditek plc is a holding company of a business operating within the green technology sector. The Company is focused on commercialising our lightweight low-profile solar panel business. With manufacturing based in Lainate Italy, we have developed renewable power solutions for our customers that drive solar energy into applications previously unachievable. The exceptional properties of our solar panels replace diesel fuel in business such as perishable goods transport, off-grid telecommunication towers, electric vehicle charging stations, residential and holiday home power solutions and solar roofing for light-weight industrial roofing. In addition to our current PV panels in production, we have partnered with an outstanding leader in graphene technology, Paragraf. We are working together to engineer the technology for commercialisation. We are the exclusive supplier of lightweight solar panels to the new joint venture between our distribution partner Bradclad Group and Protan AB, the second largest, single ply roofing membrane supplier in Europe.
For more information please visit or contact the following: https://verditek.com/
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