Last checked at 23 Apr 2019 08:34
23 April 2019
Seeing Machines Limited
Result of General Meeting, Offer and Total Voting Rights
Result of General Meeting
Seeing Machines Limited (AIM: SEE, "Seeing Machines" or the "Group"), the advanced computer vision technology company that designs AI-powered operator monitoring systems to improve transport safety, is pleased to report that, further to the announcements on 20 and 22 March 2019 relating to the conditional Placing and Subscriptions to raise gross proceeds of £27.77 million (approximately AUD51.3 million), all resolutions put to shareholders at the General Meeting held earlier today were duly passed.
Result of Offer
In addition, Seeing Machines is pleased to announce that valid acceptance have been received in respect of, and the Company will issue, 126,794,082 new Ordinary Shares (the "Offer Shares") at a price of 3 pence per Offer Share pursuant to the Offer, resulting in gross proceeds received under the Offer of £3.8 million (approximately AUD6.9 million).
Accordingly, pursuant to the Placing, Subscriptions and Offer, the Company has raised gross proceeds of £31.57 million. The Placing, Subscriptions and Offer remain conditional on admission of the Placing Shares and Subscription Shares becoming effective at 8.00 a.m. on 24 April 2019 ("Admission").
Total Voting Rights
Application has been made for a total of 1,052,402,416 Ordinary Shares to be admitted to trading on 24 April 2019. With effect from Admission, the total issued share capital of the Group will be 3,365,214,334 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the total number of voting rights in the Group will be 3,365,214,334 and this figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in Seeing Machines.
Ken Kroeger, CEO of Seeing Machines, said:
"We are very pleased with the continued support of our shareholders. The automotive and fleet sectors are increasingly recognising the risks posed by driver inattention and fatigue in single vehicles as well as across commercial and passenger transport.
"Our industry leading driver monitoring technology, developed over many years, has been consistently validated through regulatory and government recommendations globally and with seven automotive OEM programs.
"These additional funds will be instrumental in ensuring that we are well placed to continue to leverage the market opportunities as they rapidly grow and evolve."
Enquiries:
Seeing Machines Limited www.seeingmachines.com | +61 2 6103 4700 |
Ken Kroeger - CEO Sophie Nicoll - VP, Marketing & Communications | |
Cenkos Securities plc (Nominated Adviser, Joint Broker and Joint Bookrunner) Neil McDonald/Beth McKiernan/Pete Lynch | +44 131 220 6939 |
Canaccord Genuity Limited (Joint Broker and Joint Bookrunner) | +44 20 7523 8000 |
Simon Bridges/Richard Andrews | |
Instinctif Partners | +44 20 7427 1412 |
Kay Larsen/Adrian Duffield |
Terms and definitions used in this announcement shall have the same meaning as ascribed to them in the Offer Document dated 26 March 2019 unless the context requires otherwise.
This announcement contains 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.
About Seeing Machines - www.seeingmachines.com
Seeing Machines (LSE: SEE), a global company headquartered in Australia, is an industry leader in computer vision technologies which enable machines to see, understand and assist people. The Company's machine learning vision platform has the know-how to deliver real-time identification and understanding of drivers through Artificial Intelligence (AI) analysis of heads, faces and eyes. This insight enables Driver Monitoring Systems (DMS), which monitor driver/operator identification and attention and can detect drowsiness and distraction across multiple transport sectors.
Seeing Machines develops DMS for the Automotive, Commercial Fleet, Aviation, Rail and Off-Road markets. The Company has offices in Australia, USA, Europe and Asia, and delivers multi-platform solutions to industry leaders in each vertical.
DMS is becoming a core safety technology integrated into ADAS offerings for the automotive industry, particularly with the development of semi-autonomous and self-driving cars. DMS is also increasingly seen to be an integral safety feature across the Commercial Transport & Logistics industry globally.