Business
Placing and Directorate Change
Placing and Directorate Change.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 8222S Seeing Machines Limited 22 March 2016 \n\nSeeing Machines Limited\n(\"Seeing Machines\" or the \"Company\")\n \nPlacing with new strategic investor to raise AUD 12.8m (GBP 6.7m)\nChange of Non-Executive Directors\n· Leading electronics manufacturer V S Industry takes a 12% stake\n· New shares issued at premium of 20% to market price* \n22 March 2016\nSeeing Machines Limited, (AIM: SEE), the AIM listed vehicle operator monitoring technology company, is pleased to announce that it has today raised AUD 12.8 million (approximately GBP 6.7 million**) from a placing with a new strategic investor, V S Industry Berhad (VSI) through its wholly owned subsidiary V S International Venture Pte. Ltd. (VSIV), a leading integrated electronics manufacturing services provider (the \"Placing\"), subject to admission to trading on AIM. \n* A total of 129,654,000 new ordinary shares in the Company (the \"Placing Shares\") have been placed with VSIV, at an issue price of 5.199 pence per share, which is a premium of 20% to the Company's 30-day volume-weighted average market price ended 16 March 2016. VSIV's interest in 129,654,000 shares represents a stake of 12% in the Company's issued share capital following admission of the Placing Shares.\nThe investment from VSIV will provide the Company with additional working capital to enable it to fund the recently announced automotive programs and ongoing automotive product developments. On 7 March 2016 the Company announced that it had secured a follow-on order for its DMS technology from one of the world's largest automotive manufacturers, in conjunction with tier 1 automotive partner Takata. As previously announced, the Company continues to investigate the option to establish its automotive business as a separately-funded company. The Company and its advisors are advancing discussions with potential strategic investors and industry partners for this opportunity. \nV S Industry Berhad is a public listed company in Malaysia and Hong Kong, with over 34 years' experience of multi-product OEM contract manufacturing and electronics manufacturing services. VSI is ranked in the world's top 50 contract manufacturers and counts among its customers or partners, Dyson, Keurig Green Mountain...