Placing to raise £250,000

RNS Number : 3950Q

Remote Monitored Systems PLC

18 October 2019

 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

18 October 2019 

Remote Monitored Systems plc ("Remote Monitored Systems", the "Company" or the "Group")

Placing to raise £250,000; Directors' Participation; Total Voting Rights

Remote Monitored Systems plc, the AIM quoted survey, inspection and monitoring company, is pleased to announce the successful completion of a placing (the "Placing") to raise £250,000 to support the continuing growth of GyroMetric, to develop the new Intelligence and Security division, and to settle creditors and provide working capital to the Group.

Placing

A total of 62,500,000 ordinary shares of 0.2p nominal value each ("Placing Shares") have been placed with investors at 0.4p per share, a discount of approximately 27% to the closing mid-market price on 17 October 2019. The Placing Shares are due to be admitted to trading on or around 24 October 2019 with dealing commencing at 8:00 am.

Directors' Participation in the Placing

Trevor Brown, Executive Director of the Company, has subscribed £64,250 for 16,062,500 Shares. Following the issue of the Placing Shares, Trevor Brown will have a beneficial interest in 109,637,590 Shares representing approximately 22.3% of the enlarged issued share capital and total voting rights of the Company.

Paul Ryan, Non-Executive Director of the Company, has subscribed £48,250 for 12,062,500 Shares. Following the issue of the Placing Shares, Paul Ryan will have a beneficial interest in 44,794,270 Shares representing approximately 9.1% of the enlarged issued share capital and total voting rights of the Company.

Related Party Transaction

Trevor Brown and Paul Ryan as Directors of the Company, are considered to be "related parties" as defined under the AIM Rules and accordingly, their participation in the Placing constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

The Director independent of the Placing, being Nigel Burton (Non-Executive Chairman), considers, having consulted with the Company's nominated adviser, that the terms of Trevor's and Paul's participations in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.

Total Voting Rights

Following the issue of the Placing Shares as described above totalling 62,500,000 ordinary shares, the issued share capital of the Company will consist of 492,156,790 ordinary shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 492,156,790.

The above figure of 492,156,790 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.

Trevor Brown, CEO of Remote Monitored Systems plc, commented "The funds raised will be utilised to   promote the continuing growth of GyroMetric and to develop the new Intelligence and Security division, working with the established Cloudveil team. The significant participation of the Board in the fundraise confirms our confidence in the future.

Our objective remains to minimise dilution and maximise growth in shareholder value by controlling costs and focusing investment on growing our sales teams whilst we continue to seek further opportunities to enhance shareholder value."

ENQUIRIES:

Remote Monitored Systems plc

Trevor Brown (Executive Director)                                                                             [phone]

Nigel Burton (Non-Executive Chairman)                                                                   [phone]

SP Angel Corporate Finance LLP                                                                                [phone]

Stuart Gledhill

Jeff Keating

Caroline Rowe

Peterhouse Capital Limited                                                                                        [phone]

Lucy Williams

Duncan Vasey

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Trevor Brown
2.	Reason for the notification
a)	Position/status:	Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Remote Monitored Systems plc
b)	LEI:	213800VR2P5DDQHYZO48
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument: Identification code:	Ordinary shares of 0.2 pence each GB00BFX0ZN92
b)	Nature of the transaction:	Participation in the Placing
c)	Price(s) and volume(s):	Price(s) Volume(s) 0.4p 16,062,500
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.4p 16,062,500
e)	Date of the transaction:	18 October 2019
f)	Place of the transaction:	Outside a trading venue

Details of the person discharging managerial responsibilities/person closely associated
Name:	Paul Ryan
Reason for the notification
Position/status:	Non-Executive Director
Initial notification/Amendment:	Initial notification
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
Name:	Remote Monitored Systems plc
LEI:	213800VR2P5DDQHYZO48
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
Description of the financial instrument, type of instrument: Identification code:	Ordinary shares of 0.2 pence each GB00BFX0ZN92
Nature of the transaction:	Participation in the Placing
Price(s) and volume(s):	Price(s) Volume(s) 0.4p 12,062,500
Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.4p 12,062,500
Date of the transaction:	18 October 2019
Place of the transaction:	Outside a trading venue

 

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