TIDMPTRO
RNS Number : 1430J
Pelatro PLC
14 August 2023
14 August 2023
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018). Upon the publication of this announcement via a Regulatory
Information Service ("RIS"), this inside information is now
considered to be in the public domain.
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OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN PELATRO PLC OR ANY OTHER ENTITY IN
ANY JURISDICTION.
Pelatro Plc
("Pelatro", the "Group" or the "Company")
Subscription to raise GBP1.1m & Issue of Equity
Introduction
As announced on 18 July, the Group has been experiencing delays
in collection of a number of significant receivables with a
resulting impact on working capital such that, based on certain
assumptions (including over what time frame these receivables were
collected) and management forecasts, the Group would require
additional external funding in the final quarter of this financial
year. Consequently the Board was prudently exploring financing
options to raise working capital.
The Board is pleased to announce that it has raised GBP1.1m by
way of a direct subscription ("Subscription") of 44.7m new ordinary
shares (New Ordinary Shares or Subscription Shares) in the Company
with a number of new investors based in the Middle East. This
funding will support the Company's working capital as it seeks to
collect receivables as well as add new customers.
Details of the Subscription
The Company is proposing to raise approximately GBP1.1 million
(before expenses) pursuant to the Subscription by way of the issue
of 44,700,000 New Ordinary Shares at an issue price of 2.5 pence
per Ordinary Share (the "Issue Price").
The Issue Price equates to a discount of 30 per cent. to the
closing price of 3.25 pence on 11 August 2023, the latest Business
Day prior to the announcement of the Subscription.
The Company is utilising its existing share authority approved
by the Company's existing shareholders at the time of its AGM on 23
July 2023. Therefore, the Company is not required to seek
shareholder approval or authority to complete the Subscription.
The Subscription has been arranged by Divit Advisors, an
investment bank based in Dubai. The new investors participating in
the Subscription comprise a number of high net worth individuals
who are clients of Divit Advisors, based in the Middle East. None
of the subscribers will individually hold in excess of 10 per cent.
of the enlarged issued share capital.
Application for Admission
Application has been made for the New Ordinary Shares to be
admitted to trading on AIM and dealings are expected to commence on
17 August 2023 ("Admission").
The New Ordinary Shares will rank pari passu with the Company's
existing Ordinary Shares. The total number of Ordinary Shares in
issue following Admission will be 93,562,431. The Company does not
hold any shares in treasury. Accordingly, the figure of 93,562,431
may be used by shareholders 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 Company under the
FCA's Disclosure Guidance and Transparency Rules.
Details of Concert Party Holdings and Director Holdings
Certain existing shareholders have been deemed to be acting in
concert under the rules of the Takeover Code (the "Concert Party").
No members of the Concert Party are participating in the fundraise.
Full details of the Concert Party shareholdings can be found in the
table below:
Name Number % of Number Amount Interest % of
of existing of Subscription Subscribed in Ordinary Enlarged
Ordinary Issued Shares Shares Issued
Shares Share being subscribed post Subscription Share
held Capital for Capital
------------------- ----------- ---------- ------------------ ------------ ------------------- ----------
Bannix Management
LLP* 12,933,553 26.47% - - 12,933,553 13.82%
Ravi Shanmugam 716,240 1.47% - - 716,240 0.77%
------------------- ----------- ---------- ------------------ ------------ ------------------- ----------
Total 13,724,406 27.94% - - 14,724,406 14.59%
*Bannix Management LLP consists of Subash Menon, (9,684,244
Ordinary Shares), Sudeesh Yezhuvath (3,309,309 Ordinary Shares) and
Suresh Yezhuvath (14,613 Ordinary Shares)
The Admission of the Subscription Shares will result in the
combined concert party shareholding being diluted from 27.9% to
14.6%.
Use of proceeds and impact of the Subscription
The funding will support the Company's near term working capital
requirements as it seeks to collect receivables as well as add new
customers.
Subash Menon, CEO of Pelatro Plc, said : "We are delighted to
obtain support from new investors who believe in the long term
potential of the company. These funds will help us to continue our
growth and help improve our working capital. "
For further information contact:
Pelatro Plc
Subash Menon, Managing Director c/o finnCap
Nic Hellyer, CFO
finnCap Limited (Nominated Adviser and
Broker) +44 (0)20 7220 0500
Carl Holmes/Milesh Hindocha (Corporate
Finance)
For more information about Pelatro, visit www.pelatro.com
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END
IOEGPUWGRUPWGPW
(END) Dow Jones Newswires
August 14, 2023 02:00 ET (06:00 GMT)
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