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About this update from Cyanconnode Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 0293L Cyan Holdings Plc 26 July 2011 \n \n\nCyan Holdings plc \n(\"Cyan\" or \"the Company\") \n \nProposed Placings \nNotice of General Meeting\n \nCyan Holdings Plc (AIM:CYAN.L), announces details of proposed placings of 182,384,615 ordinary shares at 0.65 pence per ordinary share (\"Placings\") by XCAP Securities to raise approximately £1.1 million after expenses and a General Meeting (\"GM\"), to be held at 11.00 a.m. on 16 August 2011. It is intended that the net proceeds from the Placings will be used for general working capital requirements and to invest in accelerating the development of our lighting system as well as to invest in pursuing strategic metering engagements. XCAP Securities PLC acted as an agent to the Placings. A document containing the notice of the GM has been posted to all shareholders in the Company and is available to view on the Company's website at: www.cyantechnology.com.\nBackground to and reasons for the Placings\nAs recent announcements demonstrate, Cyan is experiencing a rapid growth in the number and frequency of orders for its lighting products. Various new customers have placed an initial order for an initial project. These initial projects have total requirements significantly larger than the initial orders placed and in some cases Cyan have been able to determine the entire size of the initial projects. The Board expects each of these customers to deploy Cyan lighting control into follow-on projects, which means that the revenue potential solely from the customer contracts that the Company has already announced is significant. \nThe pace of new enquiries and the number of active prospects is also increasing and as Cyan expands into new geographies these increase the requirement for both working capital and local support. The Board is excited by the pace of growth of Cyan's lighting business, and wishes to accelerate the development of new back office management systems to address customer demand for secure systems capable of managing networks of hundreds of thousands of lights. \nIn addition, the Company is now engaged in a small number of substantial and strategically important engagements which, if realised, would lead to large orders and deployments of Cyan metering products. Additional development investment is required to maximise the Company's prospec...