Business
Proposed Placing & Notice of GM
Proposed Placing & Notice of GM.
About this update from Cyanconnode Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 2979N Cyan Holdings Plc 25 July 2014 \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 £3.5 million before expenses, by way of a share placing (\"Placing\") pursuant to which 1,000,000,000 Ordinary Shares (the \"Placing Shares\") will be issued at 0.35 pence each (the \"Placing Price\"), and 500,000,000 warrants (\"the Placing Warrants\") will be issued at 0.60 pence each (\"the Exercise Price\"). The Placing was managed by Hume Capital Securities plc (\"Hume Capital\") 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, customer deployments and further 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 August 2014. A circular containing the notice of the GM (the \"Circular\") will be posted to all shareholders in the Company on or around 28th July 2014 and will be available to view on the Company's website at: www.cyantechnology.com. Note there will be no Company presentation at the General Meeting due to it being so soon after the Annual General Meeting.\n \nApplication will be made for the Placing Shares to be admitted to trading on AIM and assuming 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 August 2014 (\"Admission\"). Following Admission, the Company will have 4,454,611,309 Ordinary Shares in issue, assuming all of the Placing Shares are subscribed for.\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 the following:-\n \n• &...