Business
Issue of Equity
Issue of Equity.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 2663C Sarantel Group PLC 10 November 2009 \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION IS UNLAWFUL.\n\n10 November 2009\n\n\nSarantel Group PLC\n(\"Sarantel\" or the \"Company\")\n\nPlacing to raise £2.25 million\n\nSarantel, the leading manufacturer of revolutionary filtering antennas for mobile and wireless devices, has conditionally raised £2.25 million, before expenses, from the placing by Seymour Pierce Limited of 100,000,000 A Ordinary Shares of 1 pence each in the capital of the Company at 2.25p per share with institutional and other investors. The placing is conditional on, amongst other things, the passing of certain resolutions at the general meeting of the Company and on admission of the new A Ordinary Shares to trading on AIM. \n\nBackground to and reasons for the Placing \nIn the statement that accompanied the interim results for the six months ended 31 March 2009, which were announced on 3 June 2009, the Group reported that its turnover had grown significantly in the period, from £1 million to £1.7 million. In addition, as stated in the year-end trading update also released today, the Directors expect that revenue will have increased by 55 per cent. for the year ended 30 September 2009. This increase is due to high-value applications for the Group's antenna technology, such as satellite phones and military equipment.\n\nIt was also reported in the interim results that the Group's revenues from the consumer GPS market remained stable, despite the difficult economic conditions and that the use of GPS was increasing because it was fast becoming a \"must have\" feature in popular consumer products. \n\nIn recent months Sarantel has announced production orders from three customers, Thales Communications Inc, General Dynamics Corporation and Hertz. In addition, the Group has had a further design win with SkyCaddie GPS golf rangefinders and has received production orders for use in the Solara Field Tracker 2100, a 2-way satellite communication device produced by NAL Research,&nb...