TIDMABDP
RNS Number : 4941W
AB Dynamics PLC
15 November 2017
AB Dynamics plc
("ABD" or the "Group")
Final Results for the year ended 31 August 2017
AB Dynamics plc (AIM:ABDP), a designer, manufacturer and
supplier of advanced testing systems and measurement products to
the global automotive industry, is pleased to announce its final
results for the year ended 31 August 2017.
Financial highlights
-- Revenue increased 20.0% to GBP24.6m* (2016: GBP20.5m)
-- Adjusted operating profit increased 26.2% to GBP5.9m (2016: GBP4.7m)**
-- Adjusted fully diluted EPS increased by 22.5% to 28.28p (2016: 23.09p)**
-- Final dividend of 2.00p per ordinary share, 3.331p for the year up 10% (2016: 3.025p)
-- Strong balance sheet with net cash of GBP9.6m (2016: GBP10.4m)***
* The adoption of IFRS 15 for revenue recognition has resulted
in the deferral of approximately GBP1m of revenue from 2017 into
2018
** Adjusted to exclude share option costs of GBP1.5m (2016:
GBP0.3m)
*** After capital expenditure of GBP8.0m (2016: GBP1.6m) and
GBP6.0m (net) equity fundraising in December 2016
Operational Highlights
-- Completing the move into new GBP8.4m state of the art factory and offices
-- Demand for Driving Robots and Guided Soft Targets at an all-time high
-- Advance Drive Assistance Systems ("ADAS") market continues to
show strong growth as OEMs develop vehicle capabilities
-- Conducting demonstrations of new advanced Vehicle Dynamic
Simulator ("aVDS") as project moves towards commercial
production
-- Record order book providing visibility into Q3 FY2018
-- Oversubscribed equity fundraising in December 2016, to
support development of new products and services, new facilities
and enhanced routes to market
Tim Rogers, CEO of AB Dynamics, commented:
"AB Dynamics has made considerable progress in the last
financial year, with significant growth seen in both revenue and
adjusted operating profit.
I am pleased to report a healthy forward order book with
automotive OEM's continuing to advance their ADAS and autonomous
vehicle programmes. This supportive backdrop, reinforced by
regulatory change, has enabled the Group to build a strong order
book that provides good forward visibility.
We have an extremely capable and dedicated team at AB Dynamics
and I am very proud of what we have achieved over the last five
years. We are continuing to invest in new products, our people and
our processes, and the Group remains focused on the future business
opportunities within our marketplace.
I believe there is a solid platform for the next phase of the
Group's development and growth, and I wish the next Chief Executive
every success in taking the Group forward.
I am very proud of what the Group has achieved since its IPO in
2013 and would like to thank our customers, employees and
shareholders for their support over the last four years. I believe
that the next Chief Executive of AB Dynamics has a fantastic
foundation on which to build on and I wish them and the Company
every success in the future. We will look to update the market on
this recruitment shortly."
For further information please contact:
AB Dynamics plc 01225 860 200
Tim Rogers, Chief Executive
Officer
Rob Hart, Chief Financial Officer
Cairn Financial Advisers LLP
(Nomad) 0207 213 0880
Tony Rawlinson
Liam Murray
Cantor Fitzgerald Europe (Broker) 020 7894 7000
David Foreman
Phil Davies
IFC Advisory Ltd (PR) 0203 053 8671
Tim Metcalfe
Heather Armstrong
Graham Herring
A copy of this preliminary statement will be available to
download on the Group's website www.abd.uk.com. Copies of the
Annual Report and Accounts, together with the notice convening the
annual general meeting, will be posted to shareholders in due
course at which time the Annual Report and Accounts will be made
available to download on the Group's website, www.abd.uk.com, in
accordance with AIM Rule 26.
Chairman's Statement
Overview
I am pleased to report that the Group has produced another year
of record revenue and adjusted profit that reflects a growing
demand for our products. Since our IPO in May 2013, we have
delivered compound annual growth in revenue and adjusted profit
before tax of 19% and 28% respectively.
In December 2016, the Group raised gross proceeds of GBP6.4m
through a Placing and Offer for Subscription which were
oversubscribed by over 3.5x and 4x respectively. We were delighted
by this response and have welcomed a number of new and significant
investors to our shareholder register. The net proceeds are being
employed to support, and further advance, the development and
future growth of the Group.
During the year, we have continued to invest heavily in our
facilities, new product development and personnel, whose skills and
energy remain so important to our future success. These investments
will ensure that we remain well positioned within our markets to
benefit from the research and development spending of our
automotive OEM customers, as they continue to develop vehicles that
are better and safer to drive. Vehicle complexity is increasing
rapidly and there is an established need for faster and more
efficient ways to develop these new vehicles. We are seeing
significant interest in our aVDS as the automotive industry moves
towards virtual prototyping and the longer-term goal of fully
autonomous vehicles.
New Factory and Offices
Our new state of the art factory and offices are near to
completion and most of our staff have moved in. This facility,
which is located close to our original factory, provides us with an
additional 3,070 m(2) of much needed space that will allow us to
bring more of the team, including some assembly, design and support
staff, together under one roof. The design of the building reflects
more properly on the cutting-edge technology employed in our
products and the use of extensive "natural north light" will
provide a pleasing, forward looking environment for both our
employees and customers, who regularly spend time with us on
site.
The Group has continued to grow strongly since we determined the
design and began construction of the new facility and we have
acquired further land on an adjacent site for an additional factory
to meet our expansion needs. The Board continues to review the
Group's capacity requirements in light of its expectations for
future demand.
New Product Development
I am pleased to report that we have a number of innovative and
exciting programmes underway including our aVDS and LaunchPad
products. During the year, we increased significantly the level of
resourcing behind our new product development activity and we
continue to improve our processes to ensure we properly position
our product offering.
Dividend
The Group has a strong balance sheet and positive underlying
cashflow that supports an increased dividend. The Board is
recommending a final dividend of 2.0p per ordinary share, payable
in December 2017 subject to shareholder approval at the AGM. The
ex-dividend date will be 23 November 2017 and the record date will
be 24 November 2017. The total dividend for the year will therefore
be 3.331p representing an increase of 10% against prior year.
Board Changes
In early August 2017, we announced that Tim Rogers had informed
the Board of his decision to step down as Chief Executive Officer,
after 5 years with the Group. Tim remains fully engaged as CEO and
I am thankful that he has agreed to stay for the time required to
ensure a smooth handover to his successor. In this regard, I am
pleased to report that the recruitment process for our new CEO is
well underway.
Tim's contribution to the business has been substantial since he
first joined AB Dynamics in 2012. Under his leadership the Group
has tripled earnings in five years and moved from a small private
business of just 50 people to a mid-sized, AIM quoted Group of over
120 people. Tim has been a strong advocate for the Group, driving
our commercial progress and development, whilst ensuring that we
retained the respect of our customers for our traditional values
and our reputation for technological excellence. I would like to
thank Tim for his enormously valued contribution over the last 5
years.
Two new Directors were appointed to the Board in August 2017.
Mat Hubbard, who has been an employee since 1999, joined the Board
as Chief Operating Officer. Mat has made a major contribution to
the growth of the business over many years, in particular in
developing the Group's track testing products, and I am sure he
will continue to help drive the development of AB Dynamics in the
future.
Richard Hickinbotham also joined us as a Non-Executive Director.
Richard has over 30 years' experience in the City and he was
formerly Head of Research at Cantor Fitzgerald Europe, prior to
which he held a number of senior positions at SG Warburg, Investec
and Charles Stanley. He has known our business for over six years
and was with us when the we floated on AIM. He joins us now at an
important time for the Group as it seeks to shape its Corporate
Development Program. I welcome them both to the Board and look
forward to working with them.
Employees
On behalf of the whole Board I would like to thank all our
employees for their hard work during the year. The contribution of
each employee is valued and appreciated and our success is due to
their continued commitment and enthusiasm.
Outlook
Since its formation in 1982, Anthony Best Dynamics has gone
through many changes to establish itself as a market leader in its
targeted segments within the automotive R&D market. Our
customers remain very active in introducing Advanced Driver
Assistance Systems and in the development of semi and fully
autonomous vehicles. Our order book is at a record level and we
have visibility into the third quarter of our new financial year.
Alongside our enhanced facilities and the potential of our new
product pipeline, the Board remains confident that, under the
leadership of a new CEO, we can continue to move forward with
renewed vigour and enthusiasm.
Tony Best
Non-Executive Chairman
Chief Executive's Summary
Results for the Year
AB Dynamics has recorded another year of strong progress with
the Group benefiting from increased levels of expenditure by
customers for our advanced test and measurement equipment. Our
growing range of products provides automotive OEMs with highly
accurate, repeatable data and analysis that supports them in the
development and introduction of new and increasingly sophisticated
vehicles. We are proud of the reputation we have built for the high
quality and performance of our products and our levels of customer
support. It has been a busy year and we have continued to invest
more than ever before in sales and marketing and in our new product
development programs that are designed to meet our expectations for
next generation test scenarios for both ADAS and autonomous
vehicles.
The Group has produced an excellent set of results for the
twelve months to 31 August 2017 with reported revenues ahead by 20%
to GBP24.6m (2016: GBP20.5m). Our Track Testing Systems revenue
grew by 33% with demand for Driving Robots and Guided Soft Targets
at an all-time high and these activities now represent 83% of the
Group's reported revenue. Laboratory Test Systems revenue reduced
by 22%, primarily as a result of the phasing of contracts in
hand.
The adoption of IFRS 15 revenue recognition this year has
resulted in the deferral of GBP1m plus of revenue from 2017 into
2018, even with that the business met its revenue target. As in
previous years, over 95% of our sales are exported to customers
based outside the United Kingdom.
Adjusted profit before tax increased by over 25% to GBP5.9m
(2016: GBP4.7m) and is adjusted to exclude a GBP1.5m (2016:
GBP0.3m) non-cash charge made in respect of share based payments,
which provides a more accurate reflection of the underlying
performance of the business. Profit before tax increased from
GBP4.45m to GBP4.47m.
The Group has a policy of offering share options to all staff
which we believe aligns their interests with those of the business
and, in turn, our shareholders. We employ highly talented and
highly motivated engineers and retaining and rewarding them for
their contribution is important to the future success of the
business. On a fully diluted basis, I am pleased to report that
adjusted EPS increased by 22.5% to 28.28p (2016: 23.09p). Further
detail and discussion of our financial performance, including the
adjusted profit before taxation and earnings per share figures
referred to above, and our financial position can be found in the
Chief Financial Officer's statement in our annual report.
New Products
The Group continues to spend more on research and development
than in previous years with new product development accelerating as
a direct result of the increased resources now at our disposal
following the GBP6m net Placing and Offer for Subscription in
December 2016.
We are working on a number of innovative new products that we
expect to bring to the market in the coming years and we have been
pleased with the reaction of our customers to these exciting
projects. During the year we completed an important upgrade to the
control software for our track testing equipment and we are now
embarking on a new software platform development. This is a major
strategic initiative that will enable us to fully address the
evolving complexities of multiple ADAS and autonomous vehicle
interactions.
Whilst a number of our developments remain commercially
sensitive, I am pleased to be able to report that we are making
good progress with both our aVDS and have further expanded our Soft
Target offering with the inclusion of "LaunchPad", details of which
can be found in our Strategic Report section of our Annual
Report.
Marketing and Customer Support
The Group is expanding its sales support network and, over time,
we expect to establish new operating entities overseas, as both our
product offering grows and our customer list builds. Our marketing
spend is well up on prior years as we continue to reach out to new
customers and we have had good success hosting track testing events
in Germany and elsewhere. We now have a large installed base of
equipment and systems across the world and the Group, in
conjunction with its reseller partners, remains focused on
providing the high levels of support and service that our customers
expect when working with our increasingly sophisticated products.
During the year, we established a new dedicated team of support
engineers based at our main site in Bradford on Avon and we intend
to invest further in this capacity and capability this year. As we
grow and add further resource, we continue to evolve our structures
and our business processes, and we expect to capture further
operational efficiencies whilst also improving customer reach and
service levels.
Facilities
Our new factory and headquarters is a notable development for
the Group, allowing many of our employees to be housed in a single
location. Despite the addition of over 3,070m(2) of new space, we
will continue to lease and to occupy the majority of our existing
smaller sites nearby in order to meet our anticipated capacity
needs. We recently purchased additional land adjacent to the new
facility and outline planning for the building of a similar sized
unit has been granted. The Board remains confident that the
business has sufficient manufacturing capacity until such time as a
new facility becomes available.
We expect AB Dynamics GmbH, our new Germany entity, to be up and
running shortly. We believe that a stronger Group presence in this
market is now required to ensure improved levels of customer
support and to provide a local engineering resource. Whilst this
will involve some additional costs in the shorter term, we believe
that the Group will be in a better position to deepen our customer
relationships and to win new business.
The Future
I am pleased to report a healthy forward order book, with
automotive OEM's continuing to advance their ADAS and autonomous
vehicle programmes. This supportive backdrop, reinforced by
regulatory change, has enabled the Group to build a strong order
book that provides good forward visibility. We have an extremely
capable and dedicated team at AB Dynamics and I am very proud of
what we have achieved over the last five years. We are continuing
to invest in new products, our people and our processes, and the
Group remains focused on the future business opportunities within
our marketplace. I believe there is a solid foundation for the next
phase of the Group's development and growth, and I wish the next
Chief Executive every success in taking the Group forward.
Tim Rogers
Chief Executive Officer
Year ended Year ended
31 August 31 August
2017 2016
Note GBP GBP
Continuing operations
Revenue 2 24,570,050 20,472,244
Cost of sales (16,654,153) (14,067,356)
Gross profit 7,915,897 6,404,888
Administrative expenses (1,985,069) (1,591,661)
Fair value loss in respect
of foreign currency
forward contracts (59,241) (161,145)
------------- -------------
Operating profit before
Share based payment
costs 5,871,587 4,652,082
Share based payment
costs (1,464,817) (273,405)
------------- -------------
Operating profit 4,406,770 4,378,677
Finance income 65,257 72,643
Profit before taxation 4,472,027 4,451,320
Corporation tax expense (569,286) (576,935)
Profit after taxation 3,902,741 3,874,385
- -
Other comprehensive
income
Total comprehensive
income for the year
attributed to equity
holders 3,902,741 3,874,385
============= =============
Earnings per share -
Basic (pence) 4 20.83p 22.25p
Earnings per share -
Diluted (pence) 4 20.56p 22.25p
2017 2016
Note GBP GBP
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 10,464,904 2,695,097
Deferred tax assets 148,140 -
------------- -------------
10,613,044 2,695,097
------------- -------------
CURRENT ASSETS
------------- -------------
Inventories 4,959,435 3,191,642
Trade receivables 7,115,351 2,601,857
Other receivables, deposits
and prepayments 1,536,134 1,006,657
Amount owing by contract
customers 1,675,508 1,285,922
Derivative financial instruments - -
Taxation - 148,992
Cash and cash equivalents 9,619,345 10,404,523
------------- -------------
24,905,773 18,639,593
------------- -------------
TOTAL ASSETS 35,518,817 21,334,690
------------- -------------
EQUITY AND LIABILITIES
Share capital 5 191,119 177,646
Share premium 8,579,265 2,590,267
Reconstruction reserve (11,284,500) (11,284,500)
Merger relief reserve 11,390,000 11,390,000
Retained profits 19,370,938 14,643,035
------------- -------------
Total equity attributable
to owners of the Company
and total equity 28,246,822 17,516,448
NON-CURRENT LIABILITIES
Deferred tax liabilities - 118,946
------------- -------------
CURRENT LIABILITIES
------------- -------------
Trade and other payables
and accruals 6,951,803 3,608,862
Provision for taxation 320,192 -
Derivative financial instruments - 90,434
7,271,995 3,699,296
------------- -------------
TOTAL LIABILITIES 7,271,995 3,818,242
------------- -------------
TOTAL EQUITY AND LIABILITIES 35,518,817 21,334,690
============= =============
Share Share Merger Reconstruction Retained Total
capital premium relief reserve profits equity
reserve
GBP GBP GBP GBP GBP GBP
---------- ------------ ------------- --------------- ------------- -------------
Balance at
1 September
2015 173,344 2,540,711 11,390,000 (11,284,500) 10,830,329 13,649,884
Share based
payment
expense 273,405 273,405
Deferred Tax
on Share Options (168,387) (168,387)
Profit after
taxation and
total comprehensive
income for
the financial
year 3,874,385 3,874,385
Tax impact
of exercised
Share Options 329,066 329,066
Dividend paid (495,763) (495,763)
Issue of shares,
net of share
issue costs 4,302 49,556 53,858
---------- ------------ ------------- --------------- ------------- -------------
Balance at
31 August 2016 177,646 2,590,267 11,390,000 (11,284,500) 14,643,035 17,516,448
---------- ------------ ------------- --------------- ------------- -------------
Balance at
1 September
2016 as originally
reported 177,646 2,590,267 11,390,000 (11,284,500) 14,643,035 17,516,448
Change in accounting
policy (62,850) (62,850)
Balance at
1 September
2016 as restated 177,646 2,590,267 11,390,000 (11,284,500) 14,580,185 17,453,598
Share based
payment
expense 1,464,817 1,464,817
Profit after
taxation and
total comprehensive
income for
the financial
year 3,902,741 3,902,741
Tax impact - -
of exercised
Share Options
Dividend paid (576,805) (576,805)
Issue of shares,
net of share
issue costs 13,473 5,988,998 6,002,471
---------- ------------ ------------- --------------- ------------- -------------
Balance at
31 August 2017 191,119 8,579,265 11,390,000 (11,284,500) 19,370,938 28,246,822
---------- ------------ ------------- --------------- ------------- -------------
The share premium account is a non-distributable reserve
representing the difference between the nominal value of shares in
issue and the amounts subscribed for those shares.
The reconstruction reserve and merger relief reserve have arisen
as follows:
The acquisition by the Company of the entire issued share
capital of Anthony Best Dynamics limited in 2013 was accounted for
a group reconstruction. Consequently, the assets and liabilities of
the Group were recognised at their previous book values as if the
Company had always been the parent company of the group.
The share capital for the period covered by these consolidated
financial statements and the comparative periods is stated at the
nominal value of the shares issued pursuant to the above share
arrangement. Any differences between the nominal value of these
shares and previously reported nominal values of shares and
applicable share premium issued by Anthony Best Dynamics Limited
were transferred to the reconstruction reserve.
Retained profits represent the cumulative value of the profits
not distributed to shareholders, but retained to finance the future
capital requirements of the Group.
2017 2016
GBP GBP
Cash flow from operating activities
Profit before taxation 4,472,027 4,451,320
Adjustments for: -
Change in accounting policy (78,562) -
Depreciation of property, plant
and equipment 266,856 277,695
Loss on sale of property, plant
and equipment 4,242 2,336
Interest income (65,257) (72,643)
Share based payment 1,464,817 273,405
Operating profit before working
capital changes 6,064,123 4,932,113
Increase in inventories (1,767,793) (649,939)
Decrease / (increase) in trade
and other receivables (5,432,557) (303,657)
Increase in trade and other
payables and accruals 3,342,941 519,375
Fair value loss / (gain) on
derivative instruments (90,434) 124,178
Cash flow from operations 2,116,280 4,622,070
Interest received 65,257 72,643
Income tax paid (351,476) (568,314)
Net cash flow from operating
activities 1,830,061 4,126,399
Cash flow from investing activities
Purchase of property, plant
and equipment (8,040,905) (1,608,527)
Sale of property, plant and
equipment - 360,748
Cash flow used in investing
activities (8,040,905) (1,247,779)
Cash flow from financing activities
Dividends paid (576,805) (495,763)
Proceeds from issue of share
capital, net of share issue
costs 6,002,471 53,858
Net cash flow used in financing
activities 5,425,666 (441,905)
Net increase in cash and cash
equivalents (785,178) 2,436,715
Cash and cash equivalents at
beginning of the financial year 10,404,523 7,967,808
Cash and cash equivalents at
end of the financial year 9,619,345 10,404,523
Notes to the consolidated financial statements
1. General information
The Company is a public company limited by shares and
incorporated under the UK Companies Act. The Company is domiciled
in the United Kingdom and the registered office and principal place
of business is Holt Road, Bradford on Avon, Wiltshire, BA15
1AJ.
The principal activity is the specialised area of design and
manufacture of test equipment for vehicle suspension, steering,
noise and vibration. The company also offers a range of services
which include analysis, design, prototype manufacture, testing and
development.
Basis of preparation
The Company was incorporated on 7 February 2013 and on 8 May
2013 acquired the entire share capital of Anthony Best Dynamics
Limited. As a result of this transaction, the ultimate shareholders
in Anthony Best Dynamics Limited received shares in the Company in
direct proportion to their original shareholdings in Anthony Best
Dynamics Limited.
The financial statements are measured and presented in sterling
(GBP), unless otherwise stated, which is the currency of the
primary economic environment in which the entities operate. They
have been prepared under the historical cost convention, except for
financial instruments that have been measured at fair value through
profit or loss.
The financial statements have been prepared on the going concern
basis, which assumes that the Group will continue to be able to
meet its liabilities as they fall due for the foreseeable
future.
The financial information has been prepared in accordance with
International Financial Reporting Standards as adopted by the EU
("IFRS") issued by the International Accounting Standards Board
("IASB"), including related interpretations issued by the
International Financial Reporting Interpretations Committee
("IFRIC").
2. Segment reporting
The Group derives revenue from the sale of its advanced
measurement and testing products derived in assisting the global
automotive industry in the laboratory and on the test track. The
income streams are all derived from the utilisation of these
products which, in all aspects except details of revenue, are
reviewed and managed together within the Group and as such are
considered to be the only segment.
Per IFRS 8, the operating segment is based on internal reports
about components of the group, which are regularly reviewed and
used by the board of directors being the Chief Operating Decision
Maker ("CODM").
All of the Group's non-current assets are held in the UK.
Material revenues attributable to individual foreign countries
are as follows:
2017 2016
GBP GBP
United Kingdom 1,174,643 379,418
Rest of the European Union 8,965,899 6,241,564
North America 3,299,671 3,099,983
Rest of the World 11,129,837 10,751,279
----------- -----------
24,570,050 20,472,244
----------- -----------
No revenues derive from major customers, which individually
represent 10% or more of total revenue.
There were no material non-current assets located outside the
United Kingdom.
Revenues are derived from the following:
Revenue from sale of goods 20,766,061 15,612,065
Revenue from construction
contracts 3,803,989 4,860,179
----------- -----------
24,570,050 20,472,244
----------- -----------
3. Dividends paid
2017 2016
GBP GBP
Final 2015 dividend paid
of GBP0.0165 per share - 286,017
Interim dividend paid of
GBP0.0121 per share - 209,746
Final 2016 dividend paid 322,426 -
of GBP0.01815 per share
Interim dividend paid of 254,379 -
GBP0.01331 per share
-------- ----------------
576,805 495,763
======== ================
The Board has proposed a final dividend of 2.00p per share
totalling GBP382,239. Together with the interim dividend of 1.331p
per share this gives a total dividend of 3.331p for the year.
4. Earnings per share
Basic earnings per share is calculated by dividing the profit
attributable to equity holders by the weighted average number of
ordinary shares in issue during the period.
Diluted earnings per share is calculated by adjusting the
weighted average number of ordinary shares outstanding to assume
conversion of all dilutive potential shares. The Company has one
category of potentially dilutive shares, namely share options.
The calculation of earnings per share is based on the following
earnings and number of shares.
Years ended 31 August
2017 2016
Profit after tax attributable to owners of
the Group (GBP) 3,902,741 GBP3,874,385
Weighted average number of shares:
Basic 18,734,960 17,414,329
Adjustments in respect of potentially dilutive share options -
Diluted 18,982,585 17,414,329
Earnings per share (pence)
Basic 20.83 22.25
Diluted 20.56 22.25
5. Share capital
The allotted, called up and full paid share capital is made up
of 19,111,946 ordinary shares of GBP0.01 each.
Note Number Share Share Total
of shares Capital premium
GBP GBP GBP
----------------- -------- ------------ --------- ----------- -----------
At 1 September
2015 17,334,406 173,344 2,540,711 2,714,055
--------------------------- ------------ --------- ----------- -----------
On 24 June
2016 (i) 430,172 4,302 49,556 53,858
----------------- -------- ------------ --------- ----------- -----------
At 31 August
2016 17,764,578 177,646 2,590,267 2,767,913
--------------------------- ------------ --------- ----------- -----------
On 9 December
2016 (ii) 1,136,842 11,368 5,388,631 5,399,999
On 9 December
2016 (iii) (393,478) (393,478)
On 28 December
2016 (iv) 210,526 2,105 997,893 999,998
On 28 December
2016 (v) (4,048) (4,048)
----------------- -------- ------------ --------- ----------- -----------
At 31 August
2017 19,111,946 191,119 8,579,265 8,770,384
--------------------------- ------------ --------- ----------- -----------
(i) On 24 June 2016, a total of 430,172 share options were
exercised of GBP0.01 each for GBP0.1252.
(ii) On 9 December 2016, a total of 1,136,842 new ordinary
shares were placed of GBP0.01 each for GBP4.75.
(iii) Costs of GBP393,478 associated with the Placing on 9 December 2016 were incurred.
(iv) On 28 December 2016, a total of 210,526 new ordinary shares
were admitted to trading on AIM following the issue of Offer
shares.
(v) Costs of GBP4,048 associated with the Offer in 28 December 2016 were incurred.
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR GGGCUGUPMGQC
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