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Placing to raise £250,000

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RNS Number : 3950Q
Remote Monitored Systems PLC
18 October 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.

 

18 October 2019 

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

 

Placing to raise £250,000; 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 £250,000 to support the continuing growth of GyroMetric, to develop the new Intelligence and Security division, and to settle creditors and provide working capital to the Group.

 

Placing

A total of 62,500,000 ordinary shares of 0.2p nominal value each ("Placing Shares") have been placed with investors at 0.4p per share, a discount of approximately 27% to the closing mid-market price on 17 October 2019. The Placing Shares are due to be admitted to trading on or around 24 October 2019 with dealing commencing at 8:00 am.

 

Directors' Participation in the Placing

Trevor Brown, Executive Director of the Company, has subscribed £64,250 for 16,062,500 Shares. Following the issue of the Placing Shares, Trevor Brown will have a beneficial interest in 109,637,590 Shares representing approximately 22.3% of the enlarged issued share capital and total voting rights of the Company.

 

Paul Ryan, Non-Executive Director of the Company, has subscribed £48,250 for 12,062,500 Shares. Following the issue of the Placing Shares, Paul Ryan will have a beneficial interest in 44,794,270 Shares representing approximately 9.1% of the enlarged issued share capital and total voting rights of the Company.

 

Related Party Transaction

Trevor Brown and Paul Ryan 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 Nigel Burton (Non-Executive Chairman), considers, having consulted with the Company's nominated adviser, that the terms of Trevor's and Paul'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 62,500,000 ordinary shares, the issued share capital of the Company will consist of 492,156,790 ordinary shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 492,156,790.

 

The above figure of 492,156,790 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

Trevor Brown, CEO of Remote Monitored Systems plc, commented "The funds raised will be utilised to   promote the continuing growth of GyroMetric and to develop the new Intelligence and Security division, working with the established Cloudveil team. The significant participation of the Board in the fundraise confirms our confidence in the future.

 

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

Duncan Vasey

 

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)

0.4p

16,062,500

 

d)

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.4p

16,062,500

 

e)

Date of the transaction:

18 October 2019

f)

Place of the transaction:

Outside a trading venue

 

Details of the person discharging managerial responsibilities/person closely associated

Name:

Paul Ryan

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)

0.4p

12,062,500

 

Aggregated information:

Aggregated volume:

Price:

Single transaction as in 4 c) above

Price(s)

Volume(s)

0.4p

12,062,500

 

Date of the transaction:

18 October 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.
 
END
 
 
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Quick facts: Remote Monitored Systems

Price: 0.475

Market: LSE
Market Cap: £2.35 m
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