Business
Placing of GBP2.5 million
Placing of GBP2.5 million.
About this update from Srt Marine Systems Plc
[{"type":"text","content":"\n \n SOFTWARE RADIO TECHNOLOGY PLC \n\n (\"SRT\" or the \"Company\") \n\n Placing to raise £2.5 million \n\n Holdings in Company \n\nThe Directors of SRT, the AIM-quoted developer and supplier of maritime\nidentification and tracking technologies, are pleased to announce that the\nCompany has carried out a placing through its broker, Westhouse Securities\nLimited (\"Westhouse\"), of 6,250,000 new ordinary shares in the Company at a\nprice of 40p per share, raising £2.5 million (before expenses) (the \"Placing\").\n\nBackground to the Placing\n\nSRT is seeing increasing demand for its AIS (Automatic Identification System)\nsolutions as existing national mandates start to take effect. The AIS market\nremains in its early stages and is driven by multiple factors from commercial\nimperatives to homeland security programmes. These drivers are creating\nsignificant opportunities for SRT and its customers.\n\nThe funds raised in the Placing will allow the Company to accelerate planned\nproduct development and provide working capital to improve product delivery\ntimes for customers.\n\nSimon Tucker, CEO of SRT, commented, \"We are delighted to have secured this\nfunding and welcome some new and significant names to our share register. The\nadditional funding will enable us to capitalise further on the multiple\nopportunities we see developing in the global AIS and vessel tracking markets.\n\n\"Specifically, the funds will enable us to accelerate our planned product\ndevelopments and launch our new Identifier and MOB (man over board) products in\n2011, instead of 2012 as originally planned and expand our sales activities\nacross all markets. The funds will also provide additional working capital to\nimprove lead times and supply chain flexibility for our existing range of\nproducts and to support our customers coping with high market demand.\"\n\nDetails of the Placing\n\nThe Company has placed 6,250,000 new ordinary shares of 0.1p each (the \"Placing\nShares\") at a price of 40p (the \"Placing Price\") raising £2.5 million (before\nexpenses). Admission of the Placing Shares to trading on AIM (\"Admission\") is\nexpected to occur at 8.00 a.m. on 16 November 2010.\n\nThe Placing is conditional, inter alia, on Admission occurring by not later\nthan 8.00 a.m. on 16 November 2010 (or such later time and/or date as Westhouse\nand the Comp...