Subscription to raise £198,000

RNS Number : 0862M

GSTechnologies Ltd

19 January 2021

 

19 January 2021

GSTechnologies Limited

("GST" or the "Company")

Subscription to raise £198,000

GSTechnologies Limited (LSE: GST), the integrated information and communication technology infrastructure solutions provider, is pleased to announce the subscription of 198,000,000 ordinary shares ("Ordinary Shares") by a Singapore based investor group led by Mr Jack Bai, a blockchain fintech specialist, at a price of £0.001 per Ordinary Share ("Subscription Shares") raising £198,000 (the "Subscription").

The proceeds of the Subscription will be applied primarily to finance the working capital needs of the Company as it seeks to move into new higher growth business areas.

Tone Goh, Chairman of GST, commented: " We are very pleased to have received support from this investor group, led by Mr Jack Bai, a blockchain fintech specialist.  This is a strategic investment to assist the Company as it seeks to develop the business of its subsidiary EMS.  We look forward to making further announcements as we make progress in the implementation of this strategy during the course of 2021."

Admission and Total Voting Rights

The Subscription has been conducted utilising the Company's existing share authorities.  The Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares.  The Subscription is conditional, inter alia, on admission of the Subscription Shares to trading on the Main Market of the London Stock Exchange ("Admission") becoming effective.  Application will be made to the London Stock Exchange for the Subscription Shares to be admitted to trading on the Main Market of the London Stock Exchange and the Standard Segment of the FCA Official List.  It is expected that Admission will become effective and that dealings in the Subscription Shares on the Main Market of the London Stock Exchange will commence on or around 25 January 2021.

On Admission, the Company will have 1,193,482,002 Ordinary Shares in issue, each with one voting right.  There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights will be 1,193,482,002 and this figure may be used by shareholders from Admission 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 FCA's Disclosure Guidance and Transparency Rules.

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Article 7 under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). With the publication of this announcement, this information is now considered to be in the public domain.   

Enquiries:

The Company
Tone Goh, Executive Chairman	Singapore	[phone]
Financial PR & Investor Relations IFC Advisory Limited
Tim Metcalfe / Graham Herring / Florence Chandler	London	[phone]

About GST

GST provides optimal wireless, electronic cabling, security, and other solutions to clients operating in the infrastructure development space. GST builds on the profitable ICT business of its Singaporean subsidiary EMS Wiring Systems, which has been supplying governments and large private organisations with intelligent building solutions for the last 30 years. GST's strategy is to develop solutions to meet the needs of the ICT industry, acting on the surging opportunities in the technology and innovation sectors - data centres, intelligent buildings, smart cities and the Internet of Things - particularly targeting emerging markets where the demand for ICT infrastructure is increasing rapidly.

For more information please see: https://gstechnologies.co.uk/

 

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