Business
Proposed Fundraising and Acquisition
Proposed Fundraising and Acquisition.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \nRNS Number : 9407G Water Intelligence PLC 07 March 2018 \n\n \nTHIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS 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.\n \nWater Intelligence plc (AIM: WATR.L)\n \n(\"Water Intelligence\" or the \"Company\")\n \nProposed Fundraising and Acquisition\nExpanded Debt facilities\nPDMR Dealing\nBoard Changes\n \nWater Intelligence, a leading provider of non-invasive leak detection and remediation services, today announces that it proposes to raise approximately £4.2 million in an oversubscribed placing and subscription through the issue of an aggregate of 2,171,320 new ordinary shares of one penny each in the capital of the Company (\"Ordinary Shares\") (including the issue out of treasury of 151,184 Ordinary Shares) at a price of 195 pence per Ordinary Share (the \"Issue Price\"). The use of proceeds advances the Company's growth plan and builds upon the strong 2017 revenue and profits as disclosed in the Q4 Market Update announced 14 February 2018. As part of this announcement, capital formation includes non-dilutive capital for the growth plan added from an expansion of the debt facilities and positive effect of the Trump tax changes.\nThe proposed fundraising (the \"Fundraising\") comprises a placing (the \"Placing\") of 1,846,154 new Ordinary Shares (\"Placing Shares\") to raise £3.6 million and a subscription (the \"Subscription\") of 325,166 Ordinary Shares (including the issue of 151,184 Ordinary Shares out of treasury) (\"Subscription Shares\") to raise a total of £0.6 million. In addition, Patrick DeSouza, executive chairman of the Company, intends to exercise 300,000 options over Ordinary Shares (\"Exercise Shares\") and sell these at the Issue Price to meet demand from investors (the Placing Shares, Subscription Shares and Exercise Shares, together the \"New Ordinary Shares\") (the \"Share Transaction\"). Michael Reisman, a director of the Company and Laura Hills, a newly appointed director of the Company intend to purchase newly issued Ordinary Shares throug...