Exercise of warrants and conversion of CLN

RNS Number : 3433D

Remote Monitored Systems PLC

27 October 2020

 

The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

27 October 2020

Remote Monitored Systems plc ("RMS" or the "Company")

Exercise of warrants and conversion of CLN

The Company has received notification to exercise warrants representing 37,018,928 ordinary shares in the Company ("Warrant Shares") for a total consideration of £157,333. 12,618,928 warrants were exercised by Nigel Burton, previous Non-Executive Chairman of RMS, at 0.28 pence per warrant. 24,400,000 warrants were exercised at 0.5 pence per warrant.

At the same time, Nigel Burton has elected to convert the entire amount of his Convertible Loan Note ("CLN") which was issued on 24 July 2020. The CLN was for £35,333, has a conversion price of 0.28 pence and a 6% payment in kind coupon. Accordingly, Nigel Burton will be issued with 12,801,543 ordinary shares in the Company ("CLN Shares").

Application has been made for the Warrant Shares and CLN Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence at 8:00a.m. on or around 2 November 2020.

Following Admission, the Company will have 874,627,261 ordinary shares of 0.01p each in issue, none of which are held in treasury. Therefore, the total number of voting rights in the Company is 874,627,261.

The above figure of 874,627,261 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

ENQUIRIES:

Remote Monitored Systems plc

Trevor Brown (Executive Director)                                                                [phone]

Paul Ryan (Non-Executive Chairman)    [phone]

SP Angel Corporate Finance LLP                                                                          [phone]

Nominated Adviser and joint broker            

Stuart Gledhill

Caroline Rowe

Peterhouse Capital Limited                                                                                  [phone]

Joint broker 

Lucy Williams

Duncan Vasey

 

END

 

 

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