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RNS Number : 6037Z
AB Dynamics PLC
20 May 2019
THIS ANNOUNCEMENT, INCLUDING THE APPENDIX, 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, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH
RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE
THE IMPORTANT NOTICES WITHIN THIS ANNOUNCEMENT.
FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION
TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN AB DYNAMICS
PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION
WOULD BE UNLAWFUL.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION ("MAR"). UPON THE PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL
THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
20 May 2019
AB Dynamics plc
("AB Dynamics", the "Company" or the "Group")
Result of Placing
and
Posting of Circular
AB Dynamics plc is pleased to announce the successful completion
of the accelerated book build announced earlier today by the
Company (the "Placing").
The Placing has conditionally raised gross proceeds of
approximately GBP45.1 million (before expenses) through the placing
of 2,050,000 new ordinary shares of 1 penny each in the Company
("Placing Shares") at 2200 pence per share (the "Issue Price").
The Placing Shares represent approximately 10.42 per cent. of
the Company's existing issued ordinary share capital.
Cantor Fitzgerald Europe acted as Sole Bookrunner in connection
with the Placing.
The Placing Shares are not subject to clawback and are not part
of the Open Offer. Neither the Placing nor the Open Offer is
underwritten.
James Routh, CEO of AB Dynamics, said:
"This is an important milestone in the Company's corporate
development. The proceeds of the Placing will enable us to make
strategic investments in the Company, leveraging our existing
strengths and capabilities. As the active safety market grows and
develops, AB Dynamics is well positioned to capitalise on the
significant opportunities available.
"We are delighted with the result and strong support shown from
both existing shareholders and new institutional investors. I
believe today's announcement reflects the confidence they share in
the growth prospects of the business and the outstanding team.
While our products and services are already highly regarded by a
range of blue chip clients, this fundraising is a transformative
step forward to achieving our ambition to become a world-leading
specialist in automotive test systems."
Related party transaction
Castlefield Fund Partners Limited is a substantial shareholder
of the Company (the "Substantial Shareholder") and therefore
classified as a related party under the AIM Rules. The Substantial
Shareholder has participated in the Placing in respect of 182,000
Placing Shares at the Issue Price and its participation in the
Placing is considered a related party transaction under the AIM
Rules.
The Directors, having consulted with the Company's nominated
adviser, Cairn Financial Advisers LLP, consider that the terms of
the Substantial Shareholder's participation in the Placing and/or
Open Offer is fair and reasonable insofar as the Company's
Shareholders are concerned.
Posting of Circular
The Company is pleased to announce that it will today post a
Circular to Qualifying Shareholders regarding an Open Offer to
raise up to approximately GBP5 million (before expenses) and
setting out further details of the Placing. The Circular will also
be made available on the Company's website later today at
www.abdynamics.com.
The Circular also contains a Notice of General Meeting, which is
being convened for 10.00 a.m. on 6 June 2019, as the issue of the
Placing Shares and the Open Offer Shares are conditional, inter
alia, on shareholder approval.
Admission
Application will also be made to London Stock Exchange plc for
the Placing Shares and the Open Offer Shares to be admitted to
trading on AIM ("Admission"). It is expected that Admission will
become effective and that dealings in the Placing Shares and the
Open Offer Shares will commence at 8.00 a.m. on 7 June 2019 (being
the business day following the General Meeting).
Other than where defined, capitalised terms used in this
announcement have the meanings given to them in the announcement
released by the Company on 20 May 2019.
Enquiries:
AB Dynamics plc 01225 860 200
Tony Best, Non-Executive Chairman
Dr James Routh, Chief Executive Officer
Mat Hubbard, Chief Technology Officer
Rob Hart, Chief Financial Officer
Cantor Fitzgerald Europe (Financial
Adviser and Sole Bookrunner) 0207 894 7000
Phil Davies, David Foreman (Corporate
Finance)
Caspar Shand Kydd, Keith Dowsing, Arthur
Gordon (Equity Sales)
Cairn Financial Advisers (Nomad)
Tony Rawlinson
Liam Murray
Richard Nash 0207 213 0880
Tulchan Communications 0207 353 4200
James Macey White
Matt Low
Deborah Roney
The person responsible for arranging the release of this
information is Dr James Routh, CEO of the Company.
Overview of AB Dynamics plc
AB Dynamics is a leading designer, manufacturer and provider of
advanced products for testing of Advanced Driver Assistance Systems
("ADAS") technology, autonomous vehicle development and vehicle
dynamics to the global automotive research and development
sector.
The Group is headquartered in Bradford-on-Avon, UK, employing
approximately 187 staff. AB Dynamics currently supplies all the top
automotive manufacturers, Tier 1 suppliers and service providers,
who routinely use the Group's products to test vehicle safety and
dynamics.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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