Business
Result of Open Offer
Result of Open Offer.
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[{"type":"text","content":"\n \nRNS Number : 6250M Elektron Technology PLC 17 July 2014 \n \n\nNot for release, publication or distribution in whole or in part, in or into the United States, Canada, Australia, Japan, NEW ZEALAND, RUSSIA, SOUTH AFRICA or any other jurisdiction where to do so would be unlawful\n \n17 July 2014\n \nElektron Technology plc\n(\"Elektron\" or the \"Company\" or the \"Group\")\n \nResult of Open Offer\n \nElektron Technology plc (AIM: EKT), the global technology group, is pleased to announce that it expects to raise £988,729 (before expenses) in the Open Offer previously announced on 23 June 2013 through the issue of 19,774,586 new ordinary shares of 5 pence each (the \"Open Offer Shares\") at a price of 5 pence per Open Offer Share. The Open Offer closed at 11am on 15 July 2014. Qualifying shareholders who validly applied for Open Offer Shares will receive the full amount of Open Offer Shares they applied for.\n \nThe New Ordinary Shares (in uncertificated form) are expected to be credited to CREST accounts on 18 July 2014 and definitive share certificates for the new ordinary shares (in certificated form) are expected to be despatched to certificated shareholders on or around 25 July 2014.\n \nThe Company intends to use the net proceeds of the Open Offer and previously announced placing to reduce its borrowings with the bank, to fund working capital requirements and to invest in new product development and marketing. \n \nCertain directors and significant shareholders took part in the Open Offer through commitments announced on 23 June 2014 or participation in the Open Offer. The following table indicates the participation of those parties:\n \n\n\n\n\n\n\n\nBefore Open Offer\n\n\nInterest in the Enlarged Share Capital \n\n\n\n\nName\n\n\nExisting Ordinary Shares\n\n\nPercentage\n\n\nShares subscribed for in the Open Offer \n\n\nAfter Admission of the Open Offer Shares\n\n\n \n Percentage\n\n\n\n\nKeith Daley (1)\n\n\n20,612,016\n\n\n12.39%\n\n\n1,640,000\n\n\n22,252,016\n\n\n11.96%\n\n\n\n\nJohn Kinder\n\n\n24,927,711\n\n\n14.99%\n\n\n4,300,000\n\n\n29,227,711\n\n\n15.71%\n\n\n\n\nD&A Income Limited\n\n\n34,900,000\n\n\n20.9%\n\n\n10,000,000\n\n\n44,900,000\n\n\n24.13%\n\n\n\n\nRic Piper\n\n\n326,000\n\n\n0.20%\n\n\n54,333\n\n\n380,333\n\n\n0.20%\n\n\n\n\nTony Harris...