Issue of Equity on Conversion of CLN

RNS Number : 2321V

Verditek PLC

02 December 2019

 

Verditek plc

Issue of Equity on Conversion of Convertible Loan Note ("CLN")

Directors' shareholding

Verditek plc ("Verditek" or "Company"), the international clean technology company that develops, manufactures and sells certified lightweight solar panels, is pleased to announce that it has received a notice of conversion from Gavin Mayhew, a Non-Executive Director, in respect of his CLN holding of £1 million together with accrued interest up to the point of exercise.

The exercise price for the capital amount and accrued interest of the CLN will be 8p in accordance with the adjusted terms of the CLN. The exercise will give rise to the issue of 13,712,937 new Ordinary Shares in the Company, which represents 6% of the enlarged issued ordinary share capital in the Company and Application has been made for the new Ordinary Shares to be admitted to trading on AIM which is expected to take place on 5 December 2019. As a result of this conversion Gavin Mayhew`s shareholding will be 21,157,381 Ordinary Shares representing 9% of the issued ordinary share capital. There remains a balance of issued CLN`s of £170,000.

Following Admission, Verditek will have 229,163,534 Ordinary Shares in issue and admitted to trading on AIM. This 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 share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Gavin Mayhew commented: "Verditek's continued focus on production and commercialisation of the Graphene Integrated PV cell, through the second Joint Development Programme with Paragraf, is very exciting given its potential applications in consumer electronics, satellite and other markets. I am confident that Verditek is at an inflexion point in its lifecycle. We have created persuasive solutions to large, costly problems for clients in our 8 market segments by developing clever and affordable suites of products that integrate our lightweight solar panels. Looking forward, the conversion of the loan note at 8p was a very simple decision."   

Geoff Nesbitt, CEO of Verditek plc, commented: "This is good news for the company and our shareholders. Gavin's decision to convert at 8p reflects the growth that we are working to deliver and greatly improves near term and future cashflow of the Company."  

For further information, please visit www.verditek.com

Enquiries:

Verditek plc            RH Lord David Willetts FRS (Non-Executive Chairman) Dr Geoff Nesbitt (Chief Executive Officer)		Tel: [phone] [e-mail]
WH Ireland Limited (NOMAD and Broker)		Tel: [phone]
Chris Hardie (Corporate Finance) Matthew Chan
Novella (Financial PR)		Tel: [phone]
Tim Robertson/Fergus Young

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

The below notification is made in accordance with the EU Market Abuse Regulation.  The form required under the EU Market Abuse Regulation follows.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Gavin Mayhew
2	Reason for the notification
a)	Position/status	Non-Executive Director
b)	Initial notification/ Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Verditek plc
b)	LEI	213800YWMHGTNXCWZC33
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code	Ordinary Shares GB00BF2C0424
b)	Nature of the transaction	Conversion of Convertible Loan Note
c)	Price(s) and volume(s)	Price(s) Volume(s) 8 pence 13,712,937
d)	Aggregated information -     Aggregated volume -     Price	13,712,937 8 pence
e)	Date of the transaction	29 November 2019
f)	Place of the transaction	London Stock Exchange, AIM Market

 

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