Issue of Equity & Notice of General Meeting

RNS Number : 7668V

Strat Aero PLC

20 April 2016

 

Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services

20 April 2016

Strat Aero plc ("Strat Aero", the "Company" or the "Group")

Issue of Equity & Notice of General Meeting

Strat Aero plc, an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle ("UAV") sector, is pleased to announce that further to the placing announced on 12 April 2016 ('the 12 April 2016 Placing'), it has raised a further £477,250 (before expenses) by way of an additional placing (Placing') of 42,422,222 new ordinary shares of 1p each ('Ordinary Shares') at a placing price of 1.125p per ordinary share ('Placing Shares') with existing shareholders.  In addition 4,242,222 warrants with a three year expiry and an exercise price of 1.125p have also been granted in connection with the Placing.

The Placing announced today was undertaken following the receipt of further expressions of interest after the 12 April announcement.  Supplementing the recently raised funds, this capital will be used as working capital and to expedite the continued development of the Company's integrated UAV offering which covers all aspects of the value chain including the provision of hardware, software, and data analysis services.  Beaufort Securities Limited and Cornhill Capital Limited acted as brokers to the Placing.

Graham Peck, Chairman of Strat Aero, said, "Following our fund raise announced last week, I am delighted to report that investors expressed the desire to provide further financial support in order to accelerate the optimisation of our business divisions and enhance financial and operational performance across all fronts.  Under the stewardship of our new CEO, Iain McLure, I am confident that we will be able to continue to develop Strat Aero as the first choice of UAV enabled technology services to the commercial, educational and military sectors."

Details of the Placing

Application will be made for 24,000,000 of the Placing shares, which will rank pari passu with the existing Ordinary Shares in the Company, to be admitted to trading on AIM ('Admission').  It is expected that Admission will become effective and dealings will commence at 7:00 a.m. on 26 April 2016.  The issue of the remaining 18,422,222 Placing Shares is subject to the approval of shareholders.   The Company has today posted to shareholders a circular convening a general meeting of the Company, which is to be held at 10 a.m. (UK time) on Thursday 12 May 2016 at Kerman & Co, 200 Strand, London WC2R 1DJ, during which shareholders will be asked to vote on a resolution authorising the Directors to issue the outstanding Placing Shares and to grant further authority to issue shares in the future. 

Share Capital

Following the issue of the Placing Shares, the issued share capital of the Company will consist of 224,616,758 Ordinary Shares.  No shares were held in treasury at the date of this announcement.  The total current voting rights in the Company are therefore 224,616,758.

The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

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For further information please visit www.strat-aero.com or contact:

Strat Aero plc	Tel: [phone]
Graham Peck (Chairman)
SP Angel Corporate Finance LLP	Tel: [phone]
Nominated Adviser and Joint Broker
Stuart Gledhill Jeff Keating
Beaufort Securities Limited	Tel: [phone]
Joint Broker
Elliot Hance
Cornhill Capital Ltd
Joint Broker
Colin Rowbury	Tel: [phone]
St Brides Partners Ltd	Tel: [phone]
Financial PR Frank Buhagiar Susie Geliher

Notes

Strat Aero plc is a multi-divisional international aerospace services company, focussed primarily on the provision of complete client solutions in the Unmanned Aerial System ('UAS' market), which is predicted to show exponential growth over the coming decade.  Commercial and military applications in UASs are expected to be a dynamic growth sector in the aerospace industry over the next 10 years with the UAS market forecast to grow to more than US$82.1 billion between 2015 and 2025 (AUVSI Economic Report 2013) and the global airborne Intelligence, Surveillance and Reconnaissance ('ISR') market estimated to grow to US$19.23 billion by 2023. 

 

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