Share Subscription

RNS Number : 1768D

CyanConnode Holdings PLC

18 October 2022

 

18 October 2022

CyanConnode Holdings plc

("CyanConnode" or "the Company")

Share Subscription

CyanConnode Holdings plc (AIM: CYAN), a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, is pleased to announce that £500,000 has been raised by a share subscription for 4,081,632 ordinary shares of 2p each ("Subscription Shares") at a price of 12.25 pence per share (the "Issue Price") (the "Subscription"), being the closing mid-market share price on 17 October 2022, the latest dealing day prior to announcement of the Subscription, with no discount.  

Highlights

·   Issue of 4,081,632 Subscription Shares subscribed by an existing shareholder to raise proceeds of £500,000 before expenses

·   The Issue Price represents the closing mid-market price of 12.25 pence on 17 October 2022, being the latest dealing day prior to the announcement of the Subscription

·     The net proceeds of the Subscription will be used for working capital purposes

·     The Subscription is not underwritten.

·     The Subscription is conditional only upon admission of the Subscription Shares to trading on AIM

The Subscription has been undertaken pursuant to the general authorities granted to the board of directors at the annual general meeting of the Company held on 21 September 2022 and therefore no further shareholder approval is required.

Following the admission of the new Ordinary Shares, the Company's total issued share capital will be 240,652,071 ordinary shares of 2 pence each.  This figure of 240,652,071 may be used by shareholders as the denominator 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.

Application will be made for the admission of the Subscription Shares to trading on AIM and it is expected that the Subscription Shares will be admitted to trading on AIM at 8.00 a.m. on 21 October 2022. The Subscription Shares will rank pari passu in all respects with the Company's existing ordinary shares of 2 pence each.

John Cronin, Executive Chairman of CyanConnode, commented:

"I was delighted to be approached by an existing shareholder who wanted to make a further investment into CyanConnode.  Considering these uncertain times, your Board felt it prudent to accept the offer, the proceeds of which will be used to bolster working capital."

Enquiries:

CyanConnode Holdings plc	Tel: [phone]
John Cronin, Executive Chairman
Cenkos Securities plc (Nomad and Broker) Stephen Keys / Charlie Combe	Tel: [phone]
Arden Partners plc (Joint Broker) Simon Johnson (Corporate Broking)	Tel: [phone]

About CyanConnode

CyanConnode (AIM:CYAN.L), is a world leader in Narrowband Radio Frequency (RF) Smart Mesh Networks, which are used for machine to machine (M2M) communication.  As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.

In June 2018, CyanConnode launched its award-winning Omnimesh Advanced Metering Infrastructure (AMI) platform, which has already gained considerable commercial traction, especially in India which is a key market for the Company.

Through a Global partner eco-system, which is vendor agnostic, CyanConnode has several routes to market, therefore it is well positioned to capitalise upon increasing Global demand for smart metering solutions.

For more information, please visit  www.cyanconnode.com

 

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