Result of Placing

RNS Number : 6000E

RedstoneConnect PLC

09 May 2017

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION (EU) 596/2014 (MAR). ON PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

For immediate release

9 May 2017

RedstoneConnect plc

("RedstoneConnect" or the "Company")

Result of Placing

RedstoneConnect, a leading provider of technology and services for smart buildings and commercial spaces, is pleased to announce that further to the announcement made at 7.00 a.m. today (the "Placing Announcement"), Cantor Fitzgerald and Whitman Howard have successfully placed an aggregate of 433,333,334 Ordinary Shares on behalf of the Company at a price of 1.5 pence per share, with new and existing institutional investors. Pursuant to the Placing, the Company has raised gross proceeds of approximately £6.5 million. The Placing, which was oversubscribed, has received strong support from both new and existing institutional shareholders.

Other than where defined, capitalised terms used in this announcement (this "Announcement") have the meanings given to them in the Placing Announcement.

The Placing Price represents a discount of approximately 3 per cent. to the closing mid-market price of 1.55 pence per existing Ordinary Share on 8 May 2017, being the latest practicable closing mid-market price prior to the Placing Announcement.

Total Voting Rights

The Placing Shares will represent, in aggregate, approximately 21 per cent. of the Company's issued ordinary share capital as enlarged by the issue of the Placing Shares. Application has been made for the Placing Shares to be admitted to trading on AIM. Subject to the Placing Agreement not having been terminated in accordance with its terms, it is anticipated that Admission will occur at 8.00 a.m. on 12 May 2017. The Placing Shares will be allotted and issued credited as fully paid and will rank pari passu with the Company's existing Ordinary Shares.

The Placing is conditional, among other things, upon Admission becoming effective. Following Admission, the Company will have a total of 2,078,479,485 Ordinary Shares in issue.  With effect from Admission, this figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure Guidance and Transparency Rules.

Enquiries:

RedstoneConnect plc                                                                         Via Vigo Communications

Mark Braund (CEO)

Spencer Dredge (CFO)

Cantor Fitzgerald Europe - Nominated Adviser and Joint Broker      [phone]

Marc Milmo/Phil Davies/Catherine Leftley/Callum Butterfield

Whitman Howard Limited - Joint Broker                                           [phone]

Nick Lovering/Francis North

Vigo Communications - Financial PR                                                [phone]

Jeremy Garcia/Ben Simons/Antonia Pollock

 

END

 

 

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