Zoetic Interntnl PLC - Issue of Equity
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
("Zoetic" or the "Company")
Issue of Equity
Ox Distributing, which is owned by the Schrader family, is Zoetic's primary distribution partner in
In recognition that Zoetic's share price has been volatile during the current Covid-19 crisis and that the Company's Ordinary Shares have traded at below
In a separate transaction, a second warrant holder has exercised 60,000 warrants, also at
A further 2,750,000 warrants have expired unexercised. The Company now has no further warrants or options in issue aside from 7,155,000 share option awards to staff, exercisable at
Application will be made for an additional 23,810,000 ordinary shares in the Company (the "New Ordinary Shares") to be admitted to trading on the Official List of the
Following Admission, the New Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares in issue, including the right to receive all dividends and other distributions declared, and the total number of Ordinary Shares with voting rights will be 172,920,034. This figure may be used by
Following Admission, the Schrader family's holding of 24,750,000 ordinary shares will represent 14.31% of the Company's total voting rights and
Director remuneration and staff responsibilities
Following on from the cost savings announced last week,
"On behalf of the entire Zoetic team, I would like to thank Ox Distributing and the Schrader family for their support. In the midst of one of the greatest economic and health crises in memory, and when many investors are being highly cautious about entering into new commitments, the confidence they are showing in our ability to succeed in our business plan is truly flattering.
"As I mentioned in our update last week, with our two CBD brands and inventory of feminised hemp seeds, we were poised to make significant advances in our business this month. The challenges presented by Covid-19 mean that we need to reassess our timing, but we continue to work on the basis that it is a case of when and not if. This new financial support has given us far greater scope to navigate our Company through these difficult times."
This information is provided by RNS, the news service of the
Quick facts: Zoetic International PLC
Market Cap: £16.93 m
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