Last checked at 6 Jun 2019 07:00
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
6 June 2019
AB Dynamics plc
("AB Dynamics", the "Company" or the "Group")
Results of Oversubscribed Open Offer
AB Dynamics (AIM: ABDP), the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive market, is pleased to announce that further to the announcement of the Open Offer on 20 May 2019, it has conditionally raised total gross proceeds of £5.0 million via the Open Offer.
The Open Offer closed for receipt of applications at 11.00 a.m. on 5 June 2019 and the Company is pleased to confirm that it was heavily oversubscribed. The Company received valid applications from Qualifying Shareholders in respect of 1,518,643 Open Offer Shares. This represents 667.5 per cent. of the maximum of 227,500 Open Offer Shares available under the Open Offer. Admission of the Open Offer shares is subject to passing the relevant resolutions at the General Meeting.
Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement. Applications for New Ordinary Shares under the Excess Application Facility will be scaled back as outlined in the Circular.
Application has been made to the London Stock Exchange for the New Shares to be admitted to trading on AIM. On the assumption that, amongst other things, Resolution 1 is passed by Shareholders at the General Meeting, it is expected that Admission will become effective and that dealings in the New Shares will commence at 8.00 a.m. on 7 June 2019 (being the business day following the General Meeting).
For the purposes of the FCA's Disclosure Guidance and Transparency Rules (DTR), the Company's total voting rights as from the date of Admission will be 21,956,736 Ordinary Shares.
PDMR Participation
The Company confirms that the following PDMR participated in the Open Offer, pari passu with other applicants under the Open Offer.
PDMR | Existing holding of Ordinary Shares | Total Open Offer Shares applied for under Basic Entitlement | Total Open Offer Shares applied for under Excess Application Facility | Holding of Ordinary Shares immediately following admission of the Open Offer Shares | % of Enlarged Issued Share Capital |
Colin Martin | 20,700 | 239 | 0 | 20,939 | 0.095% |
Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the circular sent to shareholders of the Company on 20 May 2019.
The person responsible for arranging the release of this information is Dr James Routh, CEO of the Company.
Enquires:
AB Dynamics plc | 01225 860 200 |
Tony Best, Non-Executive Chairman | |
Dr James Routh, Chief Executive Officer | |
Mat Hubbard, Chief Technology Officer | |
Rob Hart, Chief Financial Officer | |
Cantor Fitzgerald Europe (Financial Adviser and Sole Bookrunner) | 0207 894 7000
|
Phil Davies, David Foreman (Corporate Finance) Caspar Shand Kydd, Keith Dowsing, Arthur Gordon (Equity Sales) | |
Cairn Financial Advisers (Nomad) |
0207 213 0880 |
Tony Rawlinson Liam Murray Richard Nash | |
Tulchan Communications | 0207 353 4200 |
James Macey White | |
Matt Low | |
Deborah Roney |
Overview of AB Dynamics plc
AB Dynamics is a leading designer, manufacturer and provider of advanced products for testing of Advanced Driver Assistance Systems ("ADAS") technology, autonomous vehicle development and vehicle dynamics to the global automotive research and development sector.
The Group is headquartered in Bradford-on-Avon, UK, employing approximately 187 staff. AB Dynamics currently supplies all the top automotive manufacturers, Tier 1 suppliers and service providers, who routinely use the Group's products to test vehicle safety and dynamics.
1 | Details of the person discharging managerial responsibilities / person closely associated | |
a)
| Name
| Colin Martin |
2 | Reason for the notification | |
a)
| Position/status | Director of Anthony Best Dynamics Ltd |
b) | Initial notification / Amendment | Initial Notification |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a)
| Name
| AB Dynamics plc |
b)
| LEI
| 213800OFXZP4A7I47K43 |
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 1 pence each
ISIN: GB00B9GQVG73
|
b)
| Nature of the transaction
| Purchase of shares pursuant to the Open Offer |
c)
| Price(s) and volume(s)
| 2200 pence 239 Ordinary Shares of 1 pence each |
d)
| Aggregated information | 2200 pence 239 Ordinary Shares of 1 pence each |
e)
| Date of the transaction | 5 June 2019 |
f) | Place of the transaction | London Stock Exchange |