Result of Open Offer

RNS Number : 9924H

Trackwise Designs PLC

09 December 2020

 

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, CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY NEW ORDINARY SHARES OF TRACKWISE DESIGNS PLC.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION NO. 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Terms not otherwise defined herein shall have the meanings given in the section entitled "Definitions" IN THE COMPANY'S Announcement OF 20 NOVEMBER 2020.

TRACKWISE DESIGNS PLC

("Trackwise", the "Company" or the "Group")

Result of Open Offer

Trackwise Designs plc, a provider of specialist products using printed circuit technology, is pleased to announce that the Open Offer, as announced on 20 November 2020, has closed oversubscribed. The Company has decided to accept applications under the Open Offer for £1.625 million (previously £1.0 million) in order to provide a greater opportunity for participation in the Fundraising by its shareholders, and in so doing, further strengthening the Company's balance sheet.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. Applications made under the Excess Application Facility will be scaled back pro-rata such that 74.56 per cent. of the Excess Application is satisfied.

Accordingly, the Company has conditionally raised total gross proceeds of £12.625 million in aggregate by way of the Placing, the Subscription and the Open Offer. The Company received valid applications from Qualifying Shareholders in respect of 1,050,245 Open Offer Shares representing oversubscription of approximately 108.97 per cent. of the previously intended 502,582 Open Offer Shares.

Application has been made to the London Stock Exchange for the admission of a total of 6,312,500 New Ordinary Shares to trading on AIM. This comprises (i) 5,490,000 Placing Shares; (ii) 10,000 Subscription Shares and (iii) 812,500 Open Offer Shares. The New Ordinary Shares will rank pari passu with the Existing Ordinary Shares. Admission of the New Ordinary Shares is expected to occur on 10 December 2020, subject to inter alia Shareholders passing the relevant Resolutions at the General Meeting to be held today 9 December 2020.

Philip Johnston, CEO of Trackwise , commented: "This Open Offer has provided an opportunity specifically to those of our shareholders not participating in the Placing and Subscription. We are very grateful for the level of support shown, and are pleased to increase the number of shares issued under the Open Offer to facilitate this participation in the Fundraising by our shareholders."

Enquiries:

Trackwise Designs plc	[phone]
Philip Johnston, CEO	www.trackwise.co.uk
Mark Hodgkins, CFO
finnCap Ltd	[phone]
NOMAD and Broker
Ed Frisby / Matthew Radley - Corporate Finance Andrew Burdis / Tim Harper - ECM
Alma PR	[phone]
Financial PR and IR
Caroline Forde / Josh Royston / David Ison

Notes to editors

Trackwise is a UK-based manufacturer of specialist products using printed circuit technology.

The full suite includes: Improved Harness Technology™ ("IHT") and Advanced PCBs - Microwave and Radio Frequency ("RF"), Short Flex, Flex Rigid and Rigid Multilayer products.

IHT uses a proprietary, patented process that Trackwise has developed to manufacture multilayer flexible printed circuits of unlimited length. While the technology has many applications, the directors expect that one of its primary uses will be to replace traditional wire harness in a variety of industries.

The Company manufactures on two sites, located in Tewkesbury and Stevenage (following the acquisition of Stevenage Circuits Ltd in April 2020). It serves customers in Europe and North America.

Trackwise Designs plc was admitted to trading on AIM in 2018 with the ticker TWD. For additional information please visit www.trackwise.co.uk

 

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