Photonstar LED Group PLC Result of General Meeting & Capital Reorganisation (9903H)
16 Mars 2018 - 11:41AM
UK Regulatory
TIDMPSL
RNS Number : 9903H
Photonstar LED Group PLC
16 March 2018
16 March 2018
PhotonStar LED Group Plc
Result of General Meeting and Share Capital Reorganisation
PhotonStar LED Group Plc (AIM: PSL, "PhotonStar" or the
"Company"), the British designer and manufacturer of intelligent
lighting and building control solutions announces that at the
Company's General Meeting, which was held earlier today in Romsey,
all resolutions were passed.
Share Capital Reorganisation
Following the passing of the resolutions at the General Meeting,
the Company's 225,158,220 existing ordinary shares of 1 pence each
in the capital of the Company ("Existing Ordinary Shares") will be
subdivided into 225,158,220 ordinary shares of 0.01 pence each
("New Ordinary Shares") and 225,158,220 Non-Voting Deferred A
shares of 0.99 pence each (the "Deferred Shares") in the capital of
the Company (the "Subdivision"). The New Ordinary Shares will
continue to carry the same rights as attached to the existing
ordinary shares, save for the reduction in nominal value.
Completion of Placing
As a result of the Subdivision, the placing to raise gross
proceeds of GBP430,000, as announced on 27 February 2018 will now
complete and the 286,666,667 New Ordinary Shares that were
conditionally placed with new and existing investors at a price of
0.15 pence per share (the "Placing Shares") will be admitted to
trading on AIM.
In connection with the Placing, the Company has also agreed to
grant Peterhouse Corporate Finance Limited, the Company's joint
broker, warrants over 28,666,667 New Ordinary Shares (the "Broker
Warrants"). Each Broker Warrant entitles the holder to subscribe
for one New Ordinary Share at an exercise price of 0.15 pence per
New Ordinary Share and will be exercisable at any time for a period
of one year from the date of grant.
Admission to Trading on AIM
Dealings on AIM in the Existing Ordinary Shares will cease at
the close of business on 16 March 2018. Application has been made
for the admission of 511,824,887 New Ordinary Shares (comprising
225,158,220 New Ordinary Shares issued following the Subdivision
along with the 286,666,667 Placing Shares) to trading on AIM
("Admission"). Admission will take place at 8.00 a.m. on 19 March
2018. No application will be made for admission of the Deferred
Shares to trading on AIM nor will any such application by made to
any other exchange.
Articles of Association
At today's General Meeting, the Company's shareholders also
approved amendments to the Company's articles of association. A
copy of the revised Articles of Association adopted at the General
Meeting will be made available on the Company's website:
www.photonstarled.com/investorrelations/articles_of_association
.
Total Voting Rights
Following Admission, there will be 511,824,887 New Ordinary
Shares in issue. The figure of 511,824,887 New Ordinary Shares 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, PhotonStar under the
Disclosure and Transparency Rules.
James McKenzie, Chief Executive of PhotonStar, said:
"I would like to thank both our long term shareholders for their
continued support along with those who have invested in PhotonStar
for the first time. This fundraise will enable us to progress the
development of our halcyon Internet of Things solution for
buildings, cloudBMS v2 towards completion, ahead of the proposed
roll out this year. I look forward to providing shareholders with
further updates in due course."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
For further information:
PhotonStar LED Group Plc (www.photonstarled.com) +44 (0)2381
James McKenzie - Group Chief Executive 230381
Northland Capital Partners
David Hignell/Tom Price/Jamie Spotswood
(Corporate Finance) +44 (0)20
John Howes/Rob Rees (Corporate Broking) 3861 6625
Peterhouse Corporate Finance Limited +44 (0)20
Duncan Vasey/ Fungai Ndoro 7469 0930
About PhotonStar LED Group Plc
PhotonStar LED Group Plc is a leading British designer and
manufacturer of intelligent lighting & building control
solutions. The Group's proprietary technology Halcyon(TM) is a
scalable, secure wireless IoT platform for retrofit into commercial
buildings, for energy reduction, asset monitoring & control,
and real time environmental, behavioural and energy insights.
PhotonStar is based in Romsey, Hampshire.
This information is provided by RNS
The company news service from the London Stock Exchange
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