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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Access Intelligence Plc | LSE:ACC | London | Ordinary Share | GB00BGQVB052 | ORD 5P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 53.00 | 50.00 | 55.00 | 0.00 | 07:42:19 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Computer Related Svcs, Nec | 65.71M | -4.19M | -0.0328 | -16.16 | 67.68M |
TIDMACC
RNS Number : 2996L
Access Intelligence PLC
18 July 2017
This announcement contains inside information as stipulated under the Market Abuse Regulation (EU) No 596/2014 (MAR).
18 July 2017
ACCESS INTELLIGENCE PLC
("Access Intelligence", "the Company" or "the Group")
Subscription to raise GBP1,020,000
Access Intelligence Plc (AIM: ACC), a leader in corporate communications and reputation management software, announces that it has raised GBP1,020,000 (before expenses) by the issue of 31,384,615 Ordinary Shares ("the Subscription Shares") at a price of 3.25p per share ("the Subscription"), conditional upon admission to trading on AIM.
The first six months of the financial year have seen significant and continued improvement in new business sales performance and retention rates for the Group, resulting in a net increase in the size of its contracted Software as a Service (SaaS) customer base. At 30 June 2017, the Group's annualised customer contract value ("ACV") was GBP8.1 million. Management expect the ACV to continue to increase throughout the rest of the financial year and into 2018. The improvements in new business and retention rates are a result of continued investment in the Vuelio software platform and the successful migration of 1,192 customers onto this platform during FY16 and Q1 FY17. The Group's investment in this platform has required a significant financial outlay and the proceeds of this share issue will be used for general working capital purposes and to strengthen the Group's balance sheet through to the business becoming cash break even.
15,384,615 Subscription Shares were subscribed by Kestrel Partners LLP ("Kestrel"), 6,153,846 Subscription Shares were subscribed by Michael Jackson, the Chairman of the Company, 615,385 Subscription Shares were subscribed by Joanna Arnold, the CEO of the Company, with the remainder of the Subscription Shares being subscribed by institutional investors. Kestrel currently holds 19.1 per cent. of the issued share capital of the Company and therefore under the AIM Rules is a substantial shareholder. Accordingly, Kestrel, Michael Jackson and Joanna Arnold are deemed to be related parties under the AIM Rules.
Chis Pilling and David Lowe, the independent directors, having consulted with Allenby Capital Limited, the Company's nominated adviser, consider that the terms of the Subscription are fair and reasonable insofar as the shareholders of Access Intelligence are concerned. The independent directors explored the possibility of extending the fundraising to all shareholders but, due to the cost of doing so relative to the total value of the fundraising and the uncertainty of how much would be subscribed, considered that it was not in the best interests of the Company.
The Subscription Shares will rank pari passu with the existing Ordinary Shares and application will be made for the Subscription Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective on 21 July 2017.
Following the issue of the Subscription Shares, the Company's total issued share capital on Admission will consist of 348,674,357 Ordinary Shares. The Company holds 29,666,667 Ordinary Shares in treasury and therefore the total number of Ordinary Shares with voting rights is 319,007,690. This figure 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 Group, under the Financial Conduct Authority's Disclosure and Transparency Rules.
Joanna Arnold, CEO of Access Intelligence, said: "We've made significant progress in the first half of the year, completing the migration of customers acquired onto our own platform, and starting to see the benefits of this resulting in reduced churn and improvements in net monthly ACV growth. Costs remain a key focus for us in our target to achieve cash break-even in Q4. We look forward to formally updating the market with our interim results in late August."
For further information:
0843 659 Access Intelligence plc 2940 Joanna Arnold (CEO) Allenby Capital Limited (Nominated 020 3328 Adviser & Broker) 5656 David Worlidge / James Thomas
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 Details of the person discharging managerial responsibilities / person closely associated --- ------------------------------------------------------- a) Name Michael Jackson --- -------------------------- --------------------------- 2 Reason for the notification --- ------------------------------------------------------- a) Position/status Non-Executive Chairman --- -------------------------- --------------------------- b) Initial notification Initial notification /Amendment --- -------------------------- --------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor --- ------------------------------------------------------- a) Name Access Intelligence plc --- -------------------------- --------------------------- b) LEI 213800PPZ4ZM80MHGT41 --- -------------------------- --------------------------- 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 Ordinary shares of 0.5p financial instrument, each type of instrument Identification code ISIN code: GB0033835264 --- -------------------------- --------------------------- b) Nature of the transaction Subscription --- -------------------------- --------------------------- c) Price(s) and volume(s) Price(s) Volume(s) --------- ---------- 3.25p 6,153,846 --------- ---------- --- -------------------------- --------------------------- d) Aggregated information N/A - Aggregated volume - Price --- -------------------------- --------------------------- e) Date of the transaction 21 July 2017 --- -------------------------- --------------------------- f) Place of the transaction London Stock Exchange, AIM --- -------------------------- ---------------------------
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 Details of the person discharging managerial responsibilities / person closely associated --- ------------------------------------------------------- a) Name Joanna Arnold --- --------------------------- -------------------------- 2 Reason for the notification --- ------------------------------------------------------- a) Position/status Chief Executive Officer --- --------------------------- -------------------------- b) Initial notification Initial notification /Amendment --- --------------------------- -------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor --- ------------------------------------------------------- a) Name Access Intelligence plc --- --------------------------- -------------------------- b) LEI 213800PPZ4ZM80MHGT41 --- --------------------------- -------------------------- 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 Ordinary shares of 0.5p the financial instrument, each type of instrument Identification ISIN code: GB0033835264 code --- --------------------------- -------------------------- b) Nature of the transaction Subscription --- --------------------------- -------------------------- c) Price(s) and volume(s) Price(s) Volume(s) --------- ---------- 3.25p 615,385 --------- ---------- --- --------------------------- -------------------------- d) Aggregated information N/A - Aggregated volume - Price --- --------------------------- -------------------------- e) Date of the transaction 21 July 2017 --- --------------------------- -------------------------- f) Place of the transaction London Stock Exchange, AIM --- --------------------------- --------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
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MSCUBANRBUABAAR
(END) Dow Jones Newswires
July 18, 2017 02:00 ET (06:00 GMT)
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