Business
Subscription to Raise £677k; Appt. of Joint Broker
Subscription to Raise £677k; Appt. of Joint Broker.
About this update from Zenova Group Plc
[{"type":"text","content":"\n\n15 March 2024\nZenova Group plc\n(the \"Company\" or the \"Group\")\nSubscription to Raise £677,500; Appointment of Joint Broker\nSubscription supported by existing shareholders and new investors to fund order demand\nZenova Group plc (AIM:ZED), the innovative fire suppression and interdiction solutions company, is pleased to announce that the Company and Peterhouse Capital Limited (\"Peterhouse\") has conditionally raised gross proceeds of £677,500 via a placing and subscription (together the \"Fundraise\") of 33,875,000 new ordinary shares (\"Subscription Shares\"). The Fundraise was undertaken with several supportive existing shareholders and new institutions and high net worth investors.\nThe Placing and Subscription has been completed at a price of 2 pence per share (the \"Issue Price\"), being a discount of approximately 18 per cent to the 30 trading day VWAP of the Company's existing ordinary shares for the period ended on 14 March 2024 (the business day prior to the date of this announcement).\nThe Fundraise is conditional, inter alia, upon admission of the Subscription Shares to trading on AIM becoming effective in accordance with the AIM Rules for Companies and occurring by not later than 8.00 a.m. on 21st of March 2024.\nUse of Proceeds\nThe proceeds will be used to ensure sufficient working capital and enable the Company to progress on substantial order interest for the Group's extinguisher products received recently after a major product demonstration day in Palma, Spain. These expressions of interest come in addition to existing interest and advanced discussions relating to numerous potential orders which we look forward to updating the market on in due course.\nAdmission & Total Voting Rights\nThe new ordinary shares will rank pari passu with the existing ordinary shares in all respects.\nFollowing the admission of the new ordinary shares, the total issued share capital of the Company will be 140,225,973 ordinary shares, each with voting rights. The Company does not hold any ordinary shares in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.\nAppointment of Joint Broker\nThe company ...