Issue of Equity and Notice of General Meeting

RNS Number : 2043C

Scientific Digital Imaging Plc

15 January 2015

 

SCIENTIFIC DIGITAL IMAGING PLC

Issue of Equity and Notice of General Meeting

£0.5 million Equity Fundraising

Scientific Digital Imaging plc (AIM: SDI, "SDI" or the "Company"), the AIM quoted group focused on the application of digital imaging technology for use in life sciences, healthcare, astronomy, and art conservation, is pleased to announce an equity fundraising of approximately £0.5 million (before expenses). The Company has conditionally placed 4,510,000 new ordinary shares of 1p each ("Ordinary Shares") at a price of 10 pence per Ordinary Share with certain institutional and other investors and, in addition, Ken Ford, Chairman of the Company, intends to subscribe for 625,000 Ordinary Shares (also at a price of 10 pence per Ordinary Share) later today (together the "Placing Shares") (the "Equity Fundraising"). The Equity Fundraising is conditional, inter alia, on shareholder approval of certain resolutions to be proposed at the General Meeting referred to below ("Resolutions").

Upon completion of the Equity Fundraising, Ken Ford will be interested in an aggregate of 1,000,000 Ordinary Shares, representing approximately 3.0 per cent. of the Company's issued share capital, as enlarged by the Equity Fundraising.

The proceeds of the Equity Fundraising will be used for general working capital purposes, together with the satisfaction of recent costs incurred in connection with the 2014 reorganisation of the Company's Synoptics division (which, now completed, is anticipated to deliver ongoing monthly cost savings) and certain fees incurred in relation to a proposed large acquisition where discussions were terminated during the first half of the current financial period.

Commenting on the Equity Fundraising, Chairman Ken Ford said, "I am delighted with the level of support that has been shown for SDI by the institutional investor community. The funds raised will enable the Company to continue with its planned strategy and the Board is optimistic about SDI's future prospects."

General Meeting

A notice convening the General Meeting, to be held at the offices of Mills & Reeve LLP, Botanic House, 100 Hills Road, Cambridge CB2 1PH at 10.00 a.m. on 9 February 2015, will be posted to shareholders shortly and will be available from the Company's website www.scientificdigitalimaging.com.

The Directors consider the proposals set out in the notice to be in the best interests of the Company and the Shareholders as a whole. The Directors who hold Ordinary Shares intend to vote in favour of the Resolutions to be proposed at the General Meeting in respect of their shareholdings, representing in aggregate approximately 1.41 per cent. of the Company's current issued share capital as at the date of this announcement.

Further details

Application will be made to the London Stock Exchange for the New Shares to be admitted to trading on AIM. Assuming that the Resolutions are passed, it is expected that Admission will be effective, and dealings will commence in respect of the New Shares, at 8:00 a.m. on 10 February 2015.

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the Circular containing notice of the General Meeting, a copy of which will shortly be available on the Company's website.

FOR FURTHER INFORMATION

Scientific Digital Imaging plc	01223 727144
Ken Ford, Chairman
Mike Creedon, Chief Executive Officer
www.scientificdigitalimaging.com
finnCap	020 7220 0500
Ed Frisby/Simon Hicks - Corporate Finance
Mia Gardener - Corporate Broking
JW Communications
Julia Wilson - Investor & Public Relations	0781 8430877

Note to Editors

About Scientific Digital Imaging plc:

Scientific Digital Imaging plc designs, manufactures and sells digital imaging technology for use in the life sciences, healthcare, astronomy, and art conservation through Synoptics brands (Syngene, Synoptics Health, Synbiosis and Syncroscopy), the Artemis CCD company brands (Atik Cameras and Artemis CCD Cameras) and the Opus Instruments brand (Osiris).

SDI plans to continue to grow through its own technology advancements as well as strategic, complementary acquisitions.

 www.scientificdigitalimaging.com

 

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