Result of General Meeting

RNS Number : 0131O

Microsaic Systems plc

04 February 2021

 

4 February 2021

Microsaic Systems plc

("Microsaic" or the "Company")

Result of General Meeting and Total Voting Rights

Microsaic Systems plc (AIM: MSYS) , the point-of-need mass spectrometry company, is pleased to announce that, at its General Meeting held earlier today in connection with the fundraise, the share reorganisation and the proposed Board changes announced on 19 January 2021, all Resolutions were put to a meeting on a poll and were duly passed. The voting results from the General Meeting are included at the foot of this announcement.

Application has been made to the London Stock Exchange for 5,620,000,000 new ordinary shares of 0.01 pence each ("Ordinary Shares"), which comprise the Placing Shares, the Fees Shares and the Broker Option Shares, to be admitted to trading on AIM. It is expected that Admission will occur and dealings will commence on 5 February 2021 at 8.00 a.m.

Total voting rights

Following Admission, the Company will have 6,076,365,146 Ordinary Shares in issue. The Company holds no shares in treasury. Therefore, the Company hereby confirms that the total number of voting rights in the Company will, following Admission, be 6,076,365,146.

Shareholders may use this figure of 6,076,365,146 as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Rules and Transparency Rules.

A separate announcement will be made tomorrow relating to the planned Board changes which will become effective immediately following Admission.

Defined terms used in this announcement have the meanings (unless the context otherwise requires) set out in the Circular dated 19 January 2021, which is available on the Company's website at https://www.microsaic.com/investors/documents/ .

Glenn Tracey, CEO of Microsaic, commented:

''We are delighted to have received substantial support from our existing shareholders, and welcome the significant support from new shareholders introduced by Turner Pope. The net proceeds from the Placing are expected to accelerate commercialisation of Microsaic's miniaturised products and services by expanding sales, marketing and distribution channels through collaboration, cooperation and partnerships. Beyond general working capital use, funding will be directed to targeting new revenue streams by exploring out-licensing opportunities of our robust IP portfolio while sharing costs of joint development that may lead to new income from shared products and services."

Enquiries:
Microsaic Systems plc Glenn Tracey, CEO Bevan Metcalf, FD	[phone]
N+1 Singer (Nominated Adviser & Joint Broker)	[phone]
Aubrey Powell / George Tzimas (Corporate Finance)
Tom Salvesen (Corporate Broking)
Turner Pope Investments (TPI) Limited (Joint Broker)   Zoe Alexander (Corporate Broking)   Andy Thacker (Corporate Broking)	[phone]

General Meeting voting results:

	Resolutions	Votes  For	% of votes cast	Votes Against	% of votes cast	Votes Withheld
1*	To approve the proposed amendments to the Company's existing articles of association, as set out in the Notice of General Meeting.	330,985,981	99.94	210,338	0.06	11,742,973
2	To approve the share reorganisation as set out in the Notice of General Meeting.	340,785,981	99.94	210,338	0.06	1,942,973
3	To grant the Directors authority to allot equity securities in the Company in the amounts set out in the Notice of General Meeting.	340,772,440	99.93	223,879	0.07	1,942,973
4*	To empower the Directors to disapply pre-emption rights on the issue of equity securities in the Company in the amounts set out in the Notice of General Meeting.	340,780,981	99.94	215,338	0.06	1,942,973
5	To appoint Gerard Brandon as a Director of the Company.	342,585,981	99.94	210,338	0.06	142,973
6	To appoint Nigel Burton as a Director of the Company.	342,585,981	99.94	210,338	0.06	142,973

*Special Resolution

About Microsaic Systems

Microsaic Systems plc (AIM: MSYS) is a high technology company which develops point-of-need mass spectrometers (MS) designed to improve the efficiency of chemical and biological workflows.

The Company was initially established to develop miniaturised MS instruments based on micro-electromechanical systems (MEMS) technology originating at the highly regarded Optical and Semiconductor Devices Group at Imperial College London. Since being established in 2001, the Company has invested substantially in core intellectual property specific to its miniaturised MS, with over 60 patents in chip based, compact MS.

The Company has sold over 160 instruments to date and has signed over ten commercial partners, including in North America, Europe, China,SE Asia and Japan, with the majority of signings occurring in 2018 and 2019. For more information, please go to www.microsaic.com. 

 

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