Issue of Equity to raise ?1.272m Replacement

RNS Number : 6502P

Seeing Machines Limited

26 October 2012

 



26 October 2012

The following amendments have been made to the 'Issue of Equity to Raise £1.272 million' announcement released on 19 October 2012 at 12:37 pm under RNS No 1147P.

In the table titled "Significant and Substantial Shareholdings Post Placing", the Australian National University's figure for shares held was 38,226,073 and their percentage shareholdingwas 8.01%. These figures were incorrect and should have been 20,000,000 shares held and a percentage holding of 4.19%. Further, in the same table, Roy Nominees Ltd was added in as an individual shareholder when this was in fact a duplication of the RBC Trusts' shareholding. Accordingly, this has now been removed.

All other details remain unchanged.

The full amended text is shown below.

19 October 2012

Seeing Machines Limited

('Seeing Machines' or 'the Company')

ISSUE OF EQUITY TO RAISE £1.272 MILLION

Seeing MachinesLimited (AIM:SEE)is pleased to announce that it has raised gross proceeds of £1.272m through the issue of 63,582,803 new Ordinary Shares (the 'Placing Shares') to institutional and other investors in the UK and Australia, at a price of 2.0 pence per share (the 'Placing Price') (together 'the Placing'). The Placing Price represents a fourteen per cent. premium to the closing share price on 18 October 2012, being the latest practicable day prior to the date of this announcement.

Application has been made for the Placing Shares to be admitted to AIM and admission is expected to take place on or about 22 October 2012.

The proceeds of the Placing will be used to enable Seeing Machines to:

a.    increase its inventory of DSS products to bring forward revenue resulting from new contracts being signed;

b.    invest in a new fully outsourced manufacturing process that is highly scalable and capable of meeting current forecast demand; and

c.     recruit additional R&D resources to enable the Company to deliver against contracts being negotiated with the auto industry and to recruit experienced general management with mining domain expertise.

Following the Placing, the Company will have 477,221,682 Ordinary shares in issue, all of which will carry voting rights.  This figure may be used by shareholders of the Company as the denominator for calculations by which they will determine if they are required to notify their interest in, or change their interest in, the ordinary share capital of the Company under the FSA's Disclosure and Transparency Rules.

Commenting on the Placing Results, Seeing Machines Chairman, Terry Winters said:

"I am delighted to announce that Seeing Machines has raised nearly £1.3m at a fourteen per cent. premium to the Company's current share price. This placing follows on from the excellent progress the Company has made in the last few months in winning major new contracts within the mining sector."

Following the issue of the Placing Shares, the relevant share holdings of directors, connected persons, substantial and significant shareholdings as defined in the AIM Rules for Companies will be as follows:

Directors and Connected Persons Shareholdings

Shareholder	Note	Post-Placing Shares Held	Post-Placing % Shareholding
Alexander Zelinsky		22,244,810	4.66%
Rob Sale	1	5,747,740	1.20%
David Gaul	2	3,111,173	0.65%
Ken Kroeger	3	1,592,357	0.33%
Terry Winters		1,632,166	0.34%

1.  Rob Sale's 2,745,715 shares are held in the name of Caffe Pty Ltd ATF the R C Sale Superannuation Fund and there are also 2,621,369 shares held by Rob's wife Paula Kay Sale and 380,386 held in his own name.

2.  David Gaul holds 3,111,173 shares through his company Jaiclimb Pty Limited.

3.  Ken Kroeger's 1,592,357 shares are held in the name of Insperience Pty Ltd.

Significant and Substantial Shareholdings Post Placing

Shareholder	Shares Held	% shareholding
RBC Trusts	85,415,496	17.90%
Volvo Technology Transfer AB (held in the name of HSBC Global Custody Nominee (UK) Limited	50,732,709	10.63%
Sebastien Rougeaux	23,139,509	4.85%
Alexander Zelinsky	22,244,810	4.66%
Chase Nominees Limited	22,152,400	4.64%
Timothy Edwards	21,849,855	4.58%
Jochen Heinzmann	21,448,632	4.49%
Australian National University	20,000,000	4.19%

For further information, please contact:

Seeing Machines Limited
Ken Kroeger, CEO	[phone] [e-mail]
Terry Winters, Chairman	[phone] [e-mail]
Daniel Stewart & Company plc.
David Hart / James Thomas	[phone]
Walbrook PR Helen Westaway Paul Cornelius	[phone] [e-mail] [phone] [e-mail]

About Seeing Machines Limited

Seeing Machines is a world-leader in computer vision processing technologies and the application of this technology in global high value, high growth markets. The companyis recognised globally for its leading development of premier products and applications that rely on capturing and understanding the behaviour of human faces and eyes.  More information is available from our web site: www.seeingmachines.com

About Seeing Machines' Driver Safety Solution (DSS)

The Seeing Machines DSS suite is a rugged, non-invasive platform that uses cutting edge face and eye tracking techniques to deliver information on operator fatigue and distraction. The DSS has been specifically designed for deployment into fleets and environments where fatigue and operator distraction pose substantial risk to personnel and equipment and therefore need to be monitored and managed.

For more information on DSS, go to http://www.seeingmachines.com/product/dss/

About Seeing Machines' faceAPI®

faceAPI® allows users to incorporate Seeing Machines world-class face tracking technology into their own products or applications. faceAPI provides a growing suite of image-processing modules created specifically for tracking and understanding faces and facial features. These powerful tracking modules are combined into a complete API toolkit that delivers a rich stream of information that can be incorporated into our customers' own products or services. Seeing Machines faceAPI® delivers a comprehensive, integrated solution for developing products that leverage real-time face tracking. All image-processing for face tracking is handled internally, removing the need for computer vision experience.For more information on faceAPI®, go to http://www.seeingmachines.com/product/faceapi/

About Seeing Machines' faceLAB®5

Seeing Machines has been creating advanced eye tracking algorithms since the company was founded in 2000. faceLAB®5 is the organisation's eye tracking system that allows researchers to objectively measure human behavior in a wide range of operational conditions and research settings. faceLAB®'s unique eye and facial tracking solution offers users rare flexibility, portability, and accuracy.

For more information on faceLAB®, go to http://www.seeingmachines.com/product/facelab/

About Seeing Machines' Truefield® Analyzer (TFA)

Currently going through its final clinical trials, the TFA will make objective visual field testing a clinical reality. It combines objectivity with 'non-contact' ease of use, making it easy for technicians and patients, giving clinicians objectivity when assessing their patients' conditions. Assessing both eyes concurrently, TFA tests are fast and can be run in both full-test and screening modes. The tests' bilateral concurrency allows the consensual light reflex to be exploited to identify bilateral asymmetries improving test accuracy. Most importantly, the TFA makes objective perimetry a clinical reality.

For more information on TFA, go to http://www.seeingmachines.com/product/truefield/

About Seeing Machines' Fatigue Management Consulting

Seeing Machines supports its DSS technology with professional and scientific fatigue management consulting and training services designed to build understanding of how businesses can reduce the risk of operator  fatigue and support the readiness, implementation and acceptance of its products. Seeing Machines has developed a comprehensive fatigue management framework through combined collaboration with leading fatigue research institutions and hands on experience in the field with organisations who proactively manage fatigue. Seeing Machines also provides detailed fatigue management training for site personnel to better enable them to understand the causes of, and manage their own fatigue.

For more information on fatigue management, go to http://www.seeingmachines.com/fatigue-consultancy/ 

 

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