Completion of Acquisition

RNS Number : 0069D

Cyan Holdings Plc

01 July 2016

 

Cyan Holdings plc

("Cyan" or the "Company")

Completion of Acquisition

Cyan Holdings plc (AIM:CYAN.L), the integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control, is pleased to announce that following the admission of 5,622,055,250 ordinary shares of 0.01p each, it has today formally completed the acquisition of Connode Holding AB.

This follows the announcements on 14 June 2016 in relation to the Acquisition and Placing, and on 30 June 2016 in relation to the passing of the Resolutions at the General Meeting of the Company.

John Cronin, Executive Chairman, commented: "We are delighted to have received the support of our shareholders, and new investors, and would like to thank you all for supporting this placing and acquisition, which is now complete. The acquisition of Connode is transformational for Cyan, allowing us to accelerate our product roadmap over various carriers, including cellular, PLC, WiFi and Bluetooth - through Connode's open standards-based IPv6 platform.  The combined company will provide customers with a wider portfolio, allowing greater flexibility and rapid innovation in the development of converged networks for applications in smart cities and IoT, and we look forward to integrating the two companies."

Bjorn Lindblom, Chief Executive Officer of Connode, commented: "Joining Cyan is a significant step for our employees and customers - creating a market leader in dedicated IoT communications networks.  Together, we have an unparalleled, complimentary service offering, with an international presence and crucially shared values."

Cyan Holdings plc also announces that, following the issue in June 2016 of 6,586,957 new ordinary shares in the Company pursuant to its block listing arrangements, its issued share capital as at today, after completion of the acquisition, consists of 14,144,124,030 ordinary shares of 0.01p each ("Ordinary Shares"). The Company does not hold any Ordinary Shares in treasury. Therefore the total number of ordinary shares and voting rights in the Company is 14,144,124,030.

The above figure may be used by shareholders in the Company 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 share capital of the Company under the FCA's Disclosure and Transparency Rules.

Enquiries:

Cyan Holdings plc	www.cyantechnology.com
John Cronin, Chairman	Tel: [phone]
Cantor Fitzgerald Europe Nominated Adviser and Joint Broker
Andrew Craig / Richard Salmond Beaufort Securities Limited Joint Broker Jon Belliss	Tel: [phone] Tel: [phone]
Walbrook PR Financial PR	[e-mail]
Paul Cornelius / Nick Rome	Tel: [phone]

Defined terms used in this announcement have the same meaning (unless the context requires) as those set out in the Circular dated 13 June 2016, which is available on the Company's website.

 

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