Remote Monitored Systems (LON:RMS)

Remote Monitored Systems (LON:RMS)


Share Price
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Market Cap
£2.24 m
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Remote Monitored Systems RNS Release

Placing to raise £350,000 and Director dealings


RNS Number : 9009M
Remote Monitored Systems PLC
11 January 2019
 

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

11 January 2019 

Remote Monitored Systems plc ("Remote Monitored Systems", the "Company" or the "Group")

 

Placing to raise £350,000; Directors' Participation; Total Voting Rights

 

Remote Monitored Systems plc, the AIM quoted survey, inspection and monitoring company, is pleased to announce the successful completion of a placing (the "Placing") to raise £350,000 to support the growth of the Company's core areas of business, to provide working capital, and to leave the Company free of debt once the final payment for the Pegasus equipment is made in March.

 

Placing

A total of 53,846,154 ordinary shares of 0.2p nominal value each ("Placing Shares") have been placed with investors at 0.65p per share, a discount of approximately 10% to the closing mid-market price on 10 January 2019. The Placing Shares are due to be admitted to trading on or around 17 January 2019 with dealing commencing at 8:00 am.

 

Directors' Participation in the Placing

Nigel Burton, non-executive Chairman of the Company, has subscribed £100,000 for 15,384,615 Shares. Following the issue of the Placing Shares, Nigel Burton will have a beneficial interest in 26,098,900 Shares representing approximately 6.8% of the enlarged issued share capital and total voting rights of the Company.

 

Trevor Brown, Executive Director of the Company, has subscribed £100,000 for 15,384,615 Shares. Following the issue of the Placing Shares, Trevor Brown will have a beneficial interest in 88,241,757 Shares representing approximately 22.8% of the enlarged issued share capital and total voting rights of the Company.

 

Related Party Transaction

Nigel Burton and Trevor Brown, as Directors of the Company, are considered to be "related parties" as defined under the AIM Rules and accordingly, their participation in the Placing constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

 

The Director independent of the Placing, being Paul Ryan (Non-Executive Director), considers, having consulted with the Company's nominated adviser, that the terms of Nigel and Trevor's participations in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.

 

Total Voting Rights

Following the issue of the Placing Shares as described above totalling 53,846,154 ordinary shares, the issued share capital of the Company will consist of 386,313,844 ordinary shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 386,313,844.

 

Trevor Brown, CEO of Remote Monitored Systems plc, commented "The funds raised will be utilised to   promote the continuing growth of both of our operating businesses. The significant participation of the Board in the fundraise is an eloquent statement about our confidence in the future."

 

We expect 2019 to be a period of strong growth for our two operating businesses, Geocurve and Gyrometric, and this Placing provides the resources necessary to fund that growth. Our objective remains to minimise dilution and maximise growth in shareholder value by controlling costs and focusing investment on growing our sales teams whilst we continue to seek further opportunities to enhance shareholder value."

 

ENQUIRIES:

Remote Monitored Systems plc

Trevor Brown (Executive Director)                                                                          +41 7941 55384

Nigel Burton (Non-Executive Chairman)                                                                +44 7785 234447

 

SP Angel Corporate Finance LLP                                                                             +44 20 3470 0470

Stuart Gledhill

Jeff Keating

Caroline Rowe

 

Peterhouse Capital Limited                                                                                        +44 20 7469 0930

Lucy Williams

Fungai Ndoro

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1.     

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Trevor Brown

2.     

Reason for the notification

a)

Position/status:

Executive Director

b)

Initial notification/Amendment:

Initial notification

3.     

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name:

Remote Monitored Systems plc

b)

LEI:

213800VR2P5DDQHYZO48

4.     

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.2 pence each

GB00BFX0ZN92

b)

Nature of the transaction:

Participation in the Placing

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.65p

15,384,615

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.65p

15,384,615

 

e)

Date of the transaction:

11 January 2019

f)

Place of the transaction:

Outside a trading venue

 

Details of the person discharging managerial responsibilities/person closely associated

Name:

Nigel Burton

Reason for the notification

Position/status:

Non-Executive Director

Initial notification/Amendment:

Initial notification

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

Name:

Remote Monitored Systems plc

LEI:

213800VR2P5DDQHYZO48

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

Description of the financial instrument, type of instrument:

Identification code:

Ordinary shares of 0.2 pence each

GB00BFX0ZN92

Nature of the transaction:

Participation in the Placing

Price(s) and volume(s):

 

Price(s)

Volume(s)

0.65p

15,384,615

 

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.65p

15,384,615

 

Date of the transaction:

11 January 2019

Place of the transaction:

Outside a trading venue

 

 


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 [email protected] or visit www.rns.com.
 
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