Results of Firm Placing and Open Offer

RNS Number : 2408W

Kromek Group PLC

17 August 2015

 

17 August 2015

Kromek Group plc

("Kromek" or the "Company")

Results of Firm Placing and Open Offer and Result of General Meeting

On 30 July 2015, Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, announced a Firm Placing to raise £9 million and an Open Offer to raise up to an additional £2.0 million.

The Company is pleased to announce that at its General Meeting held today all of the resolutions as set out in the Circular dated 30 July 2015 were duly passed.

The Company is also pleased to announce the results of the Open Offer, which closed for acceptances at 11:00 a.m. on 14 August 2015. Valid acceptances have been received in respect of 9,716,307 new ordinary shares of 1 pence each (the "Ordinary Shares"), representing a percentage take up of 121 per cent of those Ordinary Shares available under the Open Offer. Qualifying Shareholders who have applied for Offer Shares will receive their full Open Offer entitlement. Shareholders that made an application under the excess application facility will receive approximately 73 per cent of new Ordinary Shares applied for.

The following Directors have subscribed for Ordinary Shares under the Open Offer:

				Following Admission
Name	Number of Ordinary Shares held prior to Admission	Number of new Ordinary Shares subscribed for under the Open Offer	Number of new Ordinary Shares subscribed for under the Excess Application Facility	Number of Ordinary Shares held following Admission	Percentage of Enlarged Share Capital following Admission
Arnab Basu.............	2,000,000	72,000	0	2,072,000	1.36%
Max Robinson.........	9,500,000	60,000	0	9,560,000	6.28%
Graeme Speirs*........	14,792,730	922,799	552,886	16,268,415	10.69%
Brian Tanner.............	750,000	50,000	0	800,000	0.53%

*Prior to Admission Mr Speirs was directly interested in 3,414,940 Ordinary Shares and a further 11,377,790 Ordinary Shares through his directorship in Polymer Holdings Limited. Mr Speirs has subscribed for 80,000 Ordinary Shares through his entitlement under the Open Offer. Polymer Holdings Limited has subscribed for 842,799 Ordinary Shares through its entitlement under the Open Offer and an additional 552,886 Ordinary Shares under the excess application facility. Following Admission Mr Speirs will be directly interested in 3,494,940 Ordinary Shares and a further 12,773,475 Ordinary Shares through his directorship in Polymer Holdings Limited, representing 2.29 per cent and 8.39 per cent of the Enlarged Share Capital. 

Accordingly, application has been made for 8,012,792 new Ordinary Shares to be issued via the Open Offer to be admitted to trading on AIM. The Company has also made application for 36,000,000 new Ordinary Shares to be issued via the Firm Placing to be admitted to trading in AIM. It is expected that Admission and commencement of dealings in the 44,012,792 new Ordinary Shares will commence at 8:00am on 18 August 2015. Following Admission, the enlarged issued share capital of the Company will consist of 152,186,082 Ordinary Shares. Therefore, the total number of voting rights in the Company is 152,186,082 and 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.

Defined terms used in this announcement not otherwise defined shall have the same meaning as those terms defined and used in the Circular dated 30 July 2015.

Enquiries:

Kromek Group plc	01740 626 060
Arnab Basu, CEO Derek Bulmer, CFO
Cenkos Securities plc	0207 397 8900
Bobbie Hilliam (NOMAD) Julian Morse (Sales)
Luther Pendragon	0207 618 9100
Harry Chathli, Claire Norbury, Alexis Gore

 

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