Haydale Graphene Industries PLC Result of Open Offer and Total Voting Rights (1700M)

TIDMHAYD

RNS Number : 1700M

Haydale Graphene Industries PLC

11 October 2016

THIS ANNOUNCEMENT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA OR NEW ZEALAND OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

Haydale Graphene Industries plc

("Haydale" or the "Company")

Result of Over-Subscribed Open Offer

and Total Voting Rights

Haydale (AIM: HAYD) is pleased to announce it has raised gross proceeds of GBP0.5 million pursuant to the Open Offer announced on 23 September 2016, that was heavily over-subscribed.

Highlights:

-- Approximately GBP2.6 million raised pursuant to the Fundraising (comprising approximately GBP2.0 million from the Placing, GBP0.5 million from the Open Offer and approximately GBP55,000 from the Subscription)

-- Applications were received for 957,256 Open Offer Shares, representing a take-up of approximately 306 per cent. Applications under the excess entitlements will therefore be scaled down resulting in a total of 312,500 Open Offer Shares, equivalent to gross proceeds of GBP0.5 million from the Open Offer, being issued.

Fundraising

On 23 September 2016, Haydale announced details of a proposed Fundraising to raise gross proceeds of approximately GBP2.6 million, including an Open Offer of up to 312,500 New Shares at a price of 160 pence per share.

The Open Offer closed for acceptances at 11.00 a.m. on 10 October 2016 and the Company is pleased to announce that the Open Offer was heavily over-subscribed having received applications for 957,256 Open Offer Shares, representing a take-up of approximately 306 per cent. Applications under the excess entitlements will therefore be scaled down resulting in a total of 312,500 Open Offer Shares, equivalent to gross proceeds of GBP0.5 million from the Open Offer, being issued.

Consequently, the Company has conditionally raised a total of approximately GBP2.6 million through the Fundraising.

Ray Gibbs, CEO said: "We are extremely pleased with the support shown from all our shareholders - whilst our existing and new institutional investors corner-stoned the Fundraising, to receive the overwhelming support from all other shareholders, who applied for more than three times the allocation under the Open Offer, is particularly gratifying but frustratingly we could not extend the Open Offer to accommodate the excess demand. The take-up we have seen for this Fundraising demonstrates the strength of support for the Company's stated strategies and the Acquisition and we look forward to announcing continuing progress in due course."

Admission and Total Voting Rights

The New Shares will, when issued, rank pari passu in all respects with the Existing Ordinary Shares of the Company. Application has been made for 1,619,687 New Shares to be admitted to trading on AIM and accordingly dealings are expected to commence at 8.00 a.m. on 12 October 2016. Following Admission, the total number of voting rights in the Company will be 17,033,585 and Shareholders may use this figure 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.

Unless the context requires otherwise, all capitalised terms in this announcement have the same meanings as those given to them in the circular to shareholders, dated 23 September 2016, containing full details of the Fundraising and which is available on the Company's website at www.haydale.com.

For further information, please contact:

 
Haydale Graphene Industries         [phone] 
 plc                                 946 
John Knowles, Chairman 
 Ray Gibbs, Chief Executive 
 Officer 
Cairn Financial Advisers LLP 
 (Nomad)                            [phone] 
Tony Rawlinson 
 Emma Earl 
Cantor Fitzgerald Europe (Broker)   [phone] 
David Foreman (Corporate Finance) 
 Will Goode (Corporate Finance) 
 David Banks (Sales) 
 Mark Westcott (Sales) 
Hermes Financial PR 
                                    [phone] 
                                     628 
Trevor Phillips                      [phone] 
 Chris Steele                        687 
 

Note to editors:

About Haydale Graphene Industries plc

Haydale has developed a patented scalable plasma process to functionalise graphene and other nanomaterials. This enabling technology can provide Haydale with a rapid and highly cost-efficient method of supplying tailored solutions to enhance applications for both raw material suppliers and product manufacturers.

Functionalisation is carried out through a patented low-pressure plasma process that treats both mined, organic fine powder and other synthetically produced nanomaterial powders, producing high-quality few layered graphene and graphene nanoplatelets. The process can functionalise with a range of chemical groups, with the level of functionalisation tailored to the customer's needs. Good dispersion improves the properties and performance of the host material and ensures the final product performs as specified.

The Haydale plasma process does not use wet chemistry, nor does it damage the material being processed; rather, it can clean up any impurities inherent in the raw material. The technology is a low energy user and most importantly environmentally friendly. The Haydale process is a patented enabling technology, allowing the Group to work with a raw material producer who seeks to add value to the base product and tailor the outputs to meet the target applications of the end user.

Haydale, based in South Wales and housed in a purpose-built facility for processing and handling nanomaterials, is facilitating the application of graphene and other nanomaterials in fields such as inks, sensors, energy storage, composites, paints and coatings.

www.haydale.com Twitter: @haydalegraphene

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. Upon publication of this announcement, this information is now considered to be in the public domain.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 11, 2016 02:00 ET (06:00 GMT)