Business
Fundraising and Notice of General Meeting
Fundraising and Notice of General Meeting.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT, INCLUDING THE APPENDICES, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE IN THE APPENDIX TO THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATION (EU) 596 / 2014 WHICH FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (\"MAR\"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.\n 13 November 2024\nSRT MARINE SYSTEMS PLC\n \n(\"SRT\" or the \"Company\")\n \nFundraising to raise £8.5 million at 35 pence per New Ordinary Share\nand\nNotice of General Meeting\n \nSRT, the AIM-quoted developer and supplier of maritime surveillance systems and navigation safety products notes that further its announcement on 28 October 2024, it is pleased to announce a conditional fundraising of £8.5 million (before expenses) comprising a fully underwritten Subscription, Placing and Retail Offer (together the \"Fundraising\"). The net proceeds of the Fundraising are expected to fund working capital to further strengthen the Company's balance sheet and facilitate the growth of both the surveillance systems and navigation transceivers businesses.\nCertain defined terms used herein are set out in Appendix III to this Announcement.\nThe Company has placed 3,237,594 new ordinary shares of 0.1 pence each (\"Ordinary Shares\") in the capital of the Company (the \"Placing Shares\") at a price of 35 pence per Placing Share (the \"Issue Price\") to raise approximately £1.13 million (before expenses) (the \"Placing\") from certain existing shareholders.\nAdditionally, the Company has raised at least £5.36 million by way of a subscription agreement ente...