TIDMHAYD
RNS Number : 2024L
Haydale Graphene Industries PLC
21 December 2018
For immediate release 21 December 2018
Haydale Graphene Industries plc
('Haydale' or the 'Group')
New finance facility with the Development Bank of Wales, issue
of equity and
Director changes
Haydale (AIM: HAYD), the global advanced materials group, is
pleased to announce that, further to its financing update
announcement of 9 November 2018, it has secured GBP1.00 million of
new working capital for the Group through a combination a new
GBP750,000 16-month loan facility from the Development Bank of
Wales and the issue of GBP250,000 of new equity via a subscription
with the Company. The Company also announces changes to its board
of directors.
Development Bank of Wales ("DBW")
The Company is to enter into a new secured working capital loan
from the DBW of GBP750,000 which is to be repaid monthly on or
before April 2020 and carries an interest rate of 11 per cent. p.a.
("Loan"). The Loan is expected to be drawn down in January and will
be used by Group for general working capital purposes. The Loan
contains customary borrowing terms and conditions.
Issue of Equity
The Company has raised GBP250,000 through the issue of 1,250,000
new ordinary shares of 0.2p in the Company ("Ordinary Shares") at a
price of 20 pence each via a direct subscription with the Company,
which represents a discount of approximately 21.6 per cent. to the
closing mid-price per Ordinary Share on 20 December 2018. The
Ordinary Shares are to be issued pursuant to the Company's existing
disapplication authorities granted at the Company's 2017 AGM. The
new Ordinary Shares represent approximately 4.6 per cent of the
Company's existing ordinary share capital. Following the issue of
the Ordinary Shares, the Company will have 28,578,773 Ordinary
Shares in issue.
Application will be made for the Ordinary Shares to be admitted
to trading on AIM and trading in the Ordinary Shares is expected to
commence on 31 December 2018.
Change of Directors
The Company is pleased to announce the appointment of Laura
Redman-Thomas as its new full time Chief Financial Officer with
immediate effect. Laura takes over from Matt Wood, who steps down
having served as Finance Director since April 2014. Matt leaves to
develop his other business interests but will remain with the Group
during a handover period with Laura and will continue to act as the
Group's Company Secretary for the foreseeable future.
Laura is an experienced finance professional, having held a
variety of senior finance roles over the last 19 years, most
latterly at Stadium Group Plc where Laura was the finance director
of its Technology Product Division before its sale to TT
Electronics Plc earlier this year. Prior to that, Laura spent
almost 14 years at De La Rue, as both finance director and
commercial director of a number of De La Rue operating companies.
Laura holds a Masters degree in Strategic Business Management and
is an Associate Member of the Chartered Institute of Management
Accountants.
The Company also announces that Roger Smith, who has served as
both a non-executive director and an executive director of the
Company since May 2010, has informed the Board of his intention to
step down as a director with effect from 31 January 2019.
The Company also announces that Ray Gibbs, President, Business
Development, has notified the Board of his intention to not stand
for re-election as a director at today's annual general
meeting.
David Banks Executive Chairman at Haydale, commented:
We are delighted to have entered into this facility with the
Development Bank of Wales who undertook extensive due diligence on
the Group before agreeing to provide us with their support. I'm
also extremely pleased to welcome our new equity investor to the
Company at this time to provide additional financial resource as we
enter 2019.
I am delighted to have Laura join the team at Haydale. She will
bring a commercial and professional approach to the Group as we
focus on delivering on our strategy.
Personally, and on behalf of the Board, I would like thank Matt
and Roger who have served the Company with dedication in their
respective roles and we wish them well in their future endeavors. I
would like to thank Ray for his service as a Plc director and we
will continue to benefit from his experience in global business
development.
The following information is being disclosed pursuant to Rule 17
and paragraph (g) of Schedule Two of the AIM Rules for Companies in
relation to Laura Redman-Thomas.
Full Name: Laura Gwyneth Redman-Thomas
Laura, aged 52, does not hold any shares in the Company.
Current Directorships Previous Directorships (within
the last 5 years)
------------------------------ ---------------------------------
Wokingham & District Citizens Stadium Power Limited
Advice Bureau Stadium IGT Limited
Stadium United Wireless Limited
Stontronics Limited
SGW Sweden AB
Stadium Group Inc
Save as disclosed above there are no additional disclosures to
be made in accordance with Rule 17 or paragraph (g) of Schedule Two
of the AIM Rules for Companies.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
- Ends -
For further information:
Haydale Graphene Industries plc
David Banks, Interim Executive Chairman Tel: +44 (0) 1269 842 946
Gemma Smith, Head of Marketing www.haydale.com
Arden Partners plc (Nominated Adviser
& Broker)
Ruari McGirr / Paul Shackleton / Tel: +44 (0) 20 7614 5900
Ben Cryer
Notes to Editors
Haydale is a global technologies and materials group that
facilitates the integration of graphene and other nanomaterials
into the next generation of commercial technologies and industrial
materials. With expertise in graphene, silicon carbide and other
nanomaterials, Haydale is able to deliver improvements in
electrical, thermal and mechanical properties, as well as
toughness. Haydale has granted patents for its technologies in
Europe, USA, Australia, Japan and China and operates from six sites
in the UK, USA and the Far East.
For more information please visit: www.haydale.com
Twitter: @haydalegraphene
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END
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