Business
Subscription and Factoring Facility
Subscription and Factoring Facility.
About this update from Windar Photonics Plc
[{"type":"text","content":"\n \nRNS Number : 5844X Windar Photonics PLC 09 May 2016 \n\n9 May 2016\n \n \nWINDAR PHOTONICS PLC\n \n(\"Windar\" or the \"Company\")\n \nSubscription for shares and confirmation of Factoring Facility\n \nWindar Photonics PLC, the technology group that has developed a cost efficient and innovative LIDAR wind sensor for use on electricity generating wind turbines, is pleased to announce that it has raised approximately £1.0 million (€1.2 million) by way of a subscription for 885,502 ordinary shares of 1 pence each (the \"Subscription Shares\") (the \"Subscription\") at 110 pence per share (the \"Issue Price\"). \n \nThe Company is also pleased to announce that it has agreed a factoring facility (the \"Factoring Facility\") with Nordea Bank Denmark A/S, the largest financial services group in the Nordic and Baltic region, for an initial facility of up to €400,000 with an understanding to increase later in the year up to €1.5 million, as the Company makes further progress with orders for its WindEYE™ LiDAR units. \n \nThe proceeds of the Subscription and access to the Factoring Facility will enable the Company to fully capitalise on the traction it is encountering in its target markets for its WindEYE™ LiDAR technology. It also provides the further funding required in order to deliver Windar's product solution to customers in multiple geographies and to fully execute on the strategy laid out at the time of its introduction to AIM in March 2015. \nThe Issue Price represents a discount of 4.4 per cent to the mid-market closing price of 115 pence on 6 May 2016. The Subscription is not being underwritten and is conditional only on admission of the Subscription Shares to trading on AIM. The Subscription will be undertaken pursuant to the general authorities granted to the Directors of the Company at the annual general meeting in June 2015 and therefore no further shareholder approval is required. The Subscription Shares represent approximately 2.3 per cent. of the Company's issued share capital as enlarged by the Subscription Shares. \n \nApplication has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM and it is expected that such Admission will occur at 8.00 a.m. on Thursday 12 May 2016. The Subscription Shares will be issued credited as ...