1 Mar 2017 07:00
The information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
1 March 2017
SerVision PLC
("SerVision" or "the Company")
Further re. subscription to raise $2.0 million and issue of equity
Receipt of funds
SerVision AIM: (SEV), a leader in mobile live video streaming over wireless and cellular networks, announces that, further to the announcement of 22 February 2017 regarding the $2.0 million of new capital from Cascade SVP, LLC ("Cascade"), the Company has received the first payment of $1.0 million. Consequently, the Company has today allotted to Cascade 7,044,542 new ordinary shares at a price of 11.4 pence per share (the "New Ordinary Shares").
As announced by the Company on 22 February 2017, the second tranche of US$1.0 million is due from Cascade in 90 days from 22 February 2017.
Admission of the New Ordinary Shares to trading on AIM
Following receipt of the initial $1.0 million from Cascade, application has been made to the London Stock Exchange for the 7,044,542 New Ordinary Shares to be admitted to trading on AIM ("Admission"). The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of the Company. It is expected that Admission will become effective and that dealings in the New Ordinary Shares will become effective at 8.00 a.m. on 7 March 2017.
Major shareholdings
Following the issue of the New Ordinary Shares, Cascade will have a beneficial interest in 7,044,542 ordinary shares of 1 pence each in the Company ("Ordinary Shares") representing 5.3 per cent. of the enlarged share capital of the Company.
Further to the announcements of 22 February 2017 and 23 February 2017, Gidon Tahan (Chairman and CEO of the Company) continues to retain full ownership over, and the voting rights to, 9,857,881 Ordinary Shares representing 7.37 per cent. of the enlarged share capital of the Company.
Further to the announcements of 22 February 2017 and 23 February 2017 the Company confirms that, following the issue of the New Ordinary Shares to Cascade, the guarantee provided by Gidon Tahan to Cascade will only result in an obligation to transfer shares to Cascade in the event that the Company fails to issue to Cascade the second tranche of new Ordinary Shares in accordance with the terms of its subscription agreement. The Company believes that such circumstances are extremely unlikely. The guarantee will cease on the issue of the second tranche of subscription shares to Cascade.
Total voting rights
Following Admission of the New Ordinary Shares, the Company's issued ordinary share capital will consist of 133,846,293 Ordinary Shares with one voting right per share. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares and voting rights in the Company will be 133,846,293. This figure 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 to their interest in, the share capital of the Company.
-ends-
For further information:
SerVision plc | +972 2535 0000 |
Gidon Tahan, Chairman and CEO
| |
Allenby Capital Limited (Nominated Adviser and Joint Broker) | +44 (0)20 3328 5656 |
Nick Athanas / James Reeve |
Beaufort Securities Limited (Joint Broker) | |
Elliot Hance | +44 (0)20 7382 8300 |
Leander PR (Financial PR) | |
Christian Taylor-Wilkinson | +44 (0)7795 168 157 |
Notes to Editors
SerVision is a pioneer in the field of security communications technology and a leading developer and manufacturer of fully integrated video recording and transmission systems for homeland security and transportation applications. The Company's core technology is proprietary video compression which is optimised for streaming real-time video over any type of cellular or narrowband network.