Business
Proposed Placing and Notice of General Meeting
Proposed Placing and Notice of General Meeting.
About this update from Cyanconnode Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 3697U Cyan Holdings Plc 02 December 2013 \n \n\nCyan Holdings plc\n(\"Cyan\" or \"the Company\")\n \nProposed Placing, Directors' Dealings &\nNotice of General Meeting\n \nCyan Holdings plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control, announces raising, subject to certain conditions, approximately £1.1 million before expenses, by way of a share placing (\"Placing\") pursuant to which 733,333,333 Ordinary Shares (the \"Placing Shares\") will be issued at 0.15 pence each (the \"Placing Price\"). The Placing was managed by XCAP Securities plc (\"XCAP\") as joint broker to the Company. It is intended that the net proceeds from the Placing will be used for general working capital requirements, business development and other product development work as set out below. \n \nThe Placing is conditional, inter alia, on the passing of resolutions at a General Meeting (\"GM\") to be held at 1.00 p.m. on 19 December 2013. A circular containing the notice of the GM (the \"Circular\") will be posted to all shareholders in the Company today and will be available to view on the Company's website at: www.cyantechnology.com.\n \nAssuming Shareholders approve the necessary resolutions at the GM it is anticipated that the Placing Shares will be admitted to trading on AIM and that dealings will commence at 8.00 a.m. on 20 December, 2013 (\"Admission\"). Following Admission, the Company will have 3,402,700,256 Ordinary Shares in issue, assuming all of the Placing Shares are subscribed for by the Placees.\n \nCommenting on the Placing, John Cronin, Executive Chairman said \"We are pleased to be able to continue to attract interest in the Company and its prospects. The net proceeds from the Placing will provide the Company with additional stability and cash resources to allow us to pursue our activities in India, Brazil and China as we look to take advantage of the pipeline of opportunities in these emerging markets. To demonstrate the board's confidence in these opportunities and our commitment to the Company the directors of Cyan have agreed to subscribe in the Placing for an aggregate amount of £100,000.\" \n \nEnquiries: \n \n\n\n\n\nCyan Holdings plc\nJohn Cronin, Chairman...