Notice of General Meeting

RNS Number : 3168E

Strat Aero PLC

15 July 2016

 

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

15 July 2016

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

Notice of General Meeting

Strat Aero plc, an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle ("UAV") sector, announces that a General Meeting of the Company will be held at Kerman & Co., 200 Strand, London WC2R 1DJ on 11 August 2016 at 10:00 a.m.  The Notice of General Meeting and Forms of Proxy have today been dispatched to shareholders. 

The purpose of the General Meeting is to receive and adopt the audited Statement of Accounts and the Reports of the Directors and the Auditors of the Company for the year ended 31 December 2015.  The notice of General Meeting also sets out the proposal for a sub-division and re-designation of ordinary shares which will be voted on by shareholders.  Under UK Company Law, new shares cannot be issued at a subscription price which is less than the par value of shares of the same class. Strat Aero's existing ordinary shares have a par value of 1p per share.  As the mid-market closing price of the existing ordinary shares on 14 July 2016 (being the last practicable time prior to the publication of this announcement) was 0.7 pence, the Company is not currently able to raise new equity capital.  While the Company has no current plans to raise additional equity capital the Company anticipates that additional funding will be required in due course. While the board expects to evaluate various financing options the board considers that the proposed sub-division and re-designation of the ordinary shares will aid financing flexibility.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

- ENDS -

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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