TIDMHAYD
RNS Number : 1700M
Haydale Graphene Industries PLC
11 October 2016
THIS ANNOUNCEMENT IS RESTRICTED AND IT IS NOT FOR RELEASE,
PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR NEW ZEALAND OR ANY OTHER
STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL
Haydale Graphene Industries plc
("Haydale" or the "Company")
Result of Over-Subscribed Open Offer
and Total Voting Rights
Haydale (AIM: HAYD) is pleased to announce it has raised gross
proceeds of GBP0.5 million pursuant to the Open Offer announced on
23 September 2016, that was heavily over-subscribed.
Highlights:
-- Approximately GBP2.6 million raised pursuant to the
Fundraising (comprising approximately GBP2.0 million from the
Placing, GBP0.5 million from the Open Offer and approximately
GBP55,000 from the Subscription)
-- Applications were received for 957,256 Open Offer Shares,
representing a take-up of approximately 306 per cent. Applications
under the excess entitlements will therefore be scaled down
resulting in a total of 312,500 Open Offer Shares, equivalent to
gross proceeds of GBP0.5 million from the Open Offer, being
issued.
Fundraising
On 23 September 2016, Haydale announced details of a proposed
Fundraising to raise gross proceeds of approximately GBP2.6
million, including an Open Offer of up to 312,500 New Shares at a
price of 160 pence per share.
The Open Offer closed for acceptances at 11.00 a.m. on 10
October 2016 and the Company is pleased to announce that the Open
Offer was heavily over-subscribed having received applications for
957,256 Open Offer Shares, representing a take-up of approximately
306 per cent. Applications under the excess entitlements will
therefore be scaled down resulting in a total of 312,500 Open Offer
Shares, equivalent to gross proceeds of GBP0.5 million from the
Open Offer, being issued.
Consequently, the Company has conditionally raised a total of
approximately GBP2.6 million through the Fundraising.
Ray Gibbs, CEO said: "We are extremely pleased with the support
shown from all our shareholders - whilst our existing and new
institutional investors corner-stoned the Fundraising, to receive
the overwhelming support from all other shareholders, who applied
for more than three times the allocation under the Open Offer, is
particularly gratifying but frustratingly we could not extend the
Open Offer to accommodate the excess demand. The take-up we have
seen for this Fundraising demonstrates the strength of support for
the Company's stated strategies and the Acquisition and we look
forward to announcing continuing progress in due course."
Admission and Total Voting Rights
The New Shares will, when issued, rank pari passu in all
respects with the Existing Ordinary Shares of the Company.
Application has been made for 1,619,687 New Shares to be admitted
to trading on AIM and accordingly dealings are expected to commence
at 8.00 a.m. on 12 October 2016. Following Admission, the total
number of voting rights in the Company will be 17,033,585 and
Shareholders may use this figure 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 under the FCA's Disclosure Guidance and Transparency
Rules.
Unless the context requires otherwise, all capitalised terms in
this announcement have the same meanings as those given to them in
the circular to shareholders, dated 23 September 2016, containing
full details of the Fundraising and which is available on the
Company's website at www.haydale.com.
For further information, please contact:
Haydale Graphene Industries +44 (0) 1269 842
plc 946
John Knowles, Chairman
Ray Gibbs, Chief Executive
Officer
Cairn Financial Advisers LLP
(Nomad) +44 (0) 20 7148 7900
Tony Rawlinson
Emma Earl
Cantor Fitzgerald Europe (Broker) +44 (0) 20 7894 7000
David Foreman (Corporate Finance)
Will Goode (Corporate Finance)
David Banks (Sales)
Mark Westcott (Sales)
Hermes Financial PR
+44 (0) 7889 153
628
Trevor Phillips +44 (0) 7979 604
Chris Steele 687
Note to editors:
About Haydale Graphene Industries plc
Haydale has developed a patented scalable plasma process to
functionalise graphene and other nanomaterials. This enabling
technology can provide Haydale with a rapid and highly
cost-efficient method of supplying tailored solutions to enhance
applications for both raw material suppliers and product
manufacturers.
Functionalisation is carried out through a patented low-pressure
plasma process that treats both mined, organic fine powder and
other synthetically produced nanomaterial powders, producing
high-quality few layered graphene and graphene nanoplatelets. The
process can functionalise with a range of chemical groups, with the
level of functionalisation tailored to the customer's needs. Good
dispersion improves the properties and performance of the host
material and ensures the final product performs as specified.
The Haydale plasma process does not use wet chemistry, nor does
it damage the material being processed; rather, it can clean up any
impurities inherent in the raw material. The technology is a low
energy user and most importantly environmentally friendly. The
Haydale process is a patented enabling technology, allowing the
Group to work with a raw material producer who seeks to add value
to the base product and tailor the outputs to meet the target
applications of the end user.
Haydale, based in South Wales and housed in a purpose-built
facility for processing and handling nanomaterials, is facilitating
the application of graphene and other nanomaterials in fields such
as inks, sensors, energy storage, composites, paints and
coatings.
www.haydale.com Twitter: @haydalegraphene
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014. Upon publication of
this announcement, this 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
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