Result of Meeting

RNS Number : 6618C

Cyan Holdings Plc

03 September 2008

 



3 September 2008

Cyan Holdings Plc

('Cyan' or 'the Company')

Result of General Meeting

Placing of new Ordinary Shares raises £3.0 million

Cyan (AIM: CYAN.L), the fabless semiconductor company, is pleased to announce that, at the Company's General Meeting held today, all of the resolutions were duly passed.

On 14 August 2008 the Company announced placings ('Placings') by Cenkos Securities plc which have raised approximately £3.0 million (before expenses) for the Company. It is intended that the net proceeds from the Placings will be used for general working capital requirements and will provide Cyan with the resources to execute its strategy and to take it through to profitability.

The Placings were conditional upon, inter alia, the passing of the resolutions at the General Meeting and the admission to AIM of the 300,000,000 new ordinary shares pursuant to the Placings which will, when issued and fully paid, rank pari passu in all respects with the existing ordinary shares of Cyan. Application has been made to the London Stock Exchange for the new ordinary shares to be issued pursuant to the Placings to be admitted to trading on AIM and these are expected to be admitted to trading on AIM at 8.00am on 4 September 2008. Following the above, the Company's issued share capital will be 449,826,314 ordinary shares.  

Cyan has a readily identifiable market for its products and an existing and new product range that, the Directors believe, is proving attractive to customers. With a strong sales pipeline and the fact that, following the Placing the Directors expect the Company to be fully funded, the Directors are excited about Cyan's prospects and view the future with confidence.

Kenn Lamb, CEO of Cyan, commented: 

'The final phase of our business plan has always been to significantly increase sales and this fund raising gives us the required working capital to achieve this. We have a strong sales pipeline and we look forward to a profitable year in 2009.'

'During the past twelve months we have made significant progress at Cyan and have completely re-focused the business. Our key markets are now in Automated Utility Metering, Wireless Industrial Control and Asset Tracking and we have made significant investments in product and software development to enable us to deliver a suite of new products through our recently established distribution channels in Asia the USA and Europe.'

For further information: 

Cyan Holdings plc 

Kenn Lamb, CEO                                            Tel: [phone] 

Andrew Lee, Finance Director 

www.cyantechnology.com 

Cenkos Securities plc

Stephen Keys/Adrian Hargrave                       Tel: [phone]

www.cenkos.com 

Media enquiries: 

Hansard Group

John Bick/Adam Reynolds                              Tel: [phone]

www.hansardgroup.co.uk

Notes to Editors (AIM ticker: CYAN.L)

Based in Cambridge in the UK, Cyan Holdings plc is a fabless semiconductor company specializing in the development of applications solutions collectively known as 'Cy Solved(TM)' which are built upon the company's low powered, configurable eCOG1k and eCOG1x microcontroller chips. 

Cy-Solved incorporates ready to go solutions, software stacks, applications examples, modular software based on easy to use APIs, evaluation boards and production hardware modules from partners, all pulled together through Cyan's free integrated development environment CyanIDE(TM). Cy-Solved can be incorporated as-is into an application but also supports an ability to be easily customised - either way, giving users a head start on the road to market. Currently available Cy-Solved applications include RF-Solved, USB-Solved, Ethernet-Solved and Motor Control-Solved. 

The Company was founded in 2002 and listed on AIM in 2005. Cyan Holdings plc operates through the brand 'Cyan'.

Cenkos is acting as nominated adviser and corporate broker exclusively for Cyan in connection with the Placings and no-one else and will not be responsible to anyone other than Cyan for providing the protections offered to clients of Cenkos nor for providing advice in relation to the Placing.

Cenkos' responsibilities as Cyan's nominated adviser under the AIM Rules for Nominated Advisers will be owed solely to the London Stock Exchange plc and are not and will not be owed to Cyan or to any director or proposed director of Cyan or to any other person. No representation or warranty, express or implied, is made by Cenkos as to any of the contents of this Announcement.

This Announcement does not constitute an offer to sell or an invitation to subscribe for, or the solicitation of an offer to buy or to subscribe for, Ordinary Shares in any jurisdiction in which such an offer or solicitation is unlawful and is not for distribution in or into Canada, Japan, the United States, the Republic of Ireland or Australia (the 'Prohibited Territories') or to U.S. persons (within the meaning of Regulation S of the United Securities Act 1933 (as amended) (the 'Securities Act'). The Ordinary Shares have not been and will not be registered under the Securities Act or under the applicable securities laws of any state in the United States or any Prohibited Territory and, unless an exemption under such Acts or laws is available, may not be offered for sale or subscription or sold or subscribed directly or indirectly within the Prohibited Territories or for the account or benefit of any national, resident or citizen of the Prohibited Territories. The distribution of this Announcement in other jurisdictions may be restricted by law and therefore persons into whose possession this Announcement comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of such jurisdictions.

The contents of this Announcement are not to be construed as legal, financial or tax advice. If necessary, each recipient of this Announcement should consult his, her or its own legal adviser, financial adviser or tax adviser for legal, financial or tax advice.

This Announcement contains certain statements that are or may be forward-looking. These statements typically contain words such as 'intends', 'expects', 'anticipates', 'estimates' and words of similar import. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future and therefore undue reliance should not be placed on such forward-looking statements. Forward-looking statements speak only as of the date they are made and neither the Company, Cenkos nor any other person undertakes any obligation to update publicly any of them in light of new information or future events except as required by the AIM Rules. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements. 

 

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ROMILFELARIVIIT