Business
Conditional placing and proposed board changes
Conditional placing and proposed board changes.
About this update from Sabien Technology Group Plc
[{"type":"text","content":"\n \nRNS Number : 3630I Sabien Technology Group PLC 23 November 2018 \n\nFor immediate release\n23 November 2018\n \nSabien Technology Group plc\n (\"Sabien\" or the \"Company\")\nConditional Placing to raise £400,000, proposed Board changes and General Meeting\n \nFurther to recent announcements, the Board of Sabien has continued to focus on the conversion of sales pipeline opportunities, including rental opportunities; conversion of Forensic Boiler Audit opportunities; and further non-staff cost reduction to improve Sabien's profitability. But as first announced on 6 August 2018, the Group has, to date, been unable to accelerate the current rate of pipeline conversion which has been slower than expected. As a result, the previously announced target of monthly break-even will not be achieved by December 2018, requiring the Group to raise additional equity. \n \nTo address this requirement, Sabien announces that the Company's broker, Peterhouse Capital Limited, has today conditionally raised gross proceeds of £400,000 via the placing of 400,000,000 new ordinary shares (the \"Placing Shares\") with new and existing investors, at a price of 0.1 pence per Placing Share (the \"Placing Price\"). The Placing is conditional, inter alia, on the approval of the resolutions effecting a proposed subdivision by the Company's shareholders at a General Meeting.\n \nOnce issued, the Placing shares will rank pari passu with the Company's existing ordinary shares. Application will be made for the Placing Shares to be admitted to trading on AIM (\"Admission\") and a further announcement will be made in due course to confirm the date on which this is expected to become effective.\n \nThe Placing has been undertaken with both existing and new shareholders, including Mr Chris Akers, who has subscribed for 100,000,000 Placing Shares which will represent 16.9% of the enlarged share capital of the Company, post-Placing.\n \nThe proceeds of the Placing will be used to provide additional working capital for the Company and in particular, to support activities to generate orders from the sales pipeline outlined in the Trading Update published on 6 August 2018 and to allow the Board the ability to evaluate additional acquisition and investment opportunities to enhance the long-term value of the Company fo...