Windar Photonics PLC Subscription and Directors' Shareholdings (8790K)

TIDMWPHO

RNS Number : 8790K

Windar Photonics PLC

27 September 2016

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Windar Photonics plc

("Windar Photonics" or the "Company")

Subscription of 710,018 Ordinary Shares

at a price of 67.5 pence per share to raise GBP479,262

and Directors' Shareholdings

Windar Photonics PLC, the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, is pleased to announce that it is raising GBP479,262 before expenses by way of a subscription for 710,018 ordinary shares of 1 pence each (the "Subscription Shares") (the "Subscription") at 67.5 pence per share (the "Issue Price").

The net proceeds of the Subscription will be used to support the Company's strategy to capitalise on the demand for its WindEYE(TM) and WindVision(TM) LiDAR technologies and to help enable the delivery of Windar's products to its global customers.

The Issue Price represents a discount of 0.7 per cent to the mid-market closing price of 68 pence on 26 September 2016. The Subscription is not being underwritten and is conditional only on admission of the Subscription Shares to trading on AIM. The Subscription is being conducted pursuant to the existing authorities granted to the Directors of the Company at its annual general meeting on 30 June 2016 and therefore no further shareholder approval is required. The Subscription Shares represent approximately 1.8 per cent. of the Company's issued share capital as enlarged by the Subscription Shares (the "Enlarged Share Capital").

Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM and it is expected that such Admission will occur at 8.00 a.m. on Monday 3 October 2016. The Subscription Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Subscription Shares, respectively and will otherwise be identical to and rank on Admission pari passu in all respects with the existing ordinary shares of 1 pence each ("Ordinary Shares"). The Subscription Shares are not being made available to the public and are not being offered or sold in or into any jurisdiction where it would be unlawful to do so.

Following Admission, the Company will therefore have 39,761,897 Ordinary Shares in issue, none of which will be held in treasury.

Directors' Shareholdings

All of the Directors are participating in the Subscription and are subscribing for an aggregate of 148,147 Ordinary Shares following this announcement.

The Directors will together be beneficially interested in an aggregate of 9,094,371 Ordinary Shares following Admission, representing 22.87 per cent. of the Enlarged Share Capital, as set out in the table below:

 
                     Amount          Number         Number              Number     Percentage 
                 subscribed     of Ordinary    of Ordinary         of Ordinary    of Enlarged 
                      (GBP)          Shares         Shares              Shares          Share 
                                       held     subscribed           following        Capital 
                                      prior            for    the Subscription 
                                     to the 
                               Subscription 
-------------  ------------  --------------  -------------  ------------------  ------------- 
 Jørgen 
  Korsgaard 
  Jensen*            40,000       6,923,938         59,259           6,983,197         17.56% 
-------------  ------------  --------------  -------------  ------------------  ------------- 
 John Weston         30,000          50,000         44,444              94,444          0.24% 
-------------  ------------  --------------  -------------  ------------------  ------------- 
 Johan 
  Blach 
  Petersen**         15,000       1,947,286         22,222           1,969,508          4.95% 
-------------  ------------  --------------  -------------  ------------------  ------------- 
 Simon 
  Barrell            15,000          25,000         22,222              47,222          0.12% 
-------------  ------------  --------------  -------------  ------------------  ------------- 
 

*Held in the name of Pasinika S.a.r.l.

**Held in the name of J Blach Petersen BD A/S

The participation by the Directors in the Subscription constitutes a related party transaction for the purposes of the AIM Rules for Companies. In the absence of an independent director, Cantor Fitzgerald Europe, the Company's Nominated Adviser, considers that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Jørgen Korsgaard Jensen, Interim Chief Executive Officer of Windar, commented:

"I am pleased by the continued interest for investing in Windar Photonics. As we have previously announced, we expect to be cash flow positive in the second half of 2016 and the Subscription helps to strengthen our balance sheet to support the expected growth in the remaining part of 2016 and into 2017."

For further information:

 
 Windar Photonics plc             Jørgen Korsgaard Jensen, CEO    [phone] 
 Cantor Fitzgerald Europe         Andrew Craig 
  Nominated Adviser and Broker     Richard Salmond                     [phone] 
 West Hill Capital 
  Financial adviser               Robert Caie                          [phone] 
 

About Windar

Windar Photonics is a technology group that develops cost-efficient and innovative Light Detection and Ranging ("LiDAR") optimization systems for use on electricity generating wind turbines. LiDAR wind sensors in general are designed to remotely measure wind speed and direction.

About WindEYE(TM) and WindVision(TM)

The Group's key products are the WindEye(TM) and WindVision(TM) Sensor, which measure wind direction and wind speed by scanning a laser beam ahead of the wind turbine. The Sensors were designed for the general optimization of wind turbines.

Based on the Group's testing, it has proven possible for the Sensors to increase the power output of a wind turbine by approximately one to four per cent. and also reduce strain on vital components of the wind turbine. The Sensors have been designed to have a multi-year lifecycle with limited maintenance other than the replacement of the light source every two years. Due to the use of a semi-conductor laser, the Directors believe that the Company is able to offer the Sensors at a lower cost compared to competing products whilst still retaining an attractive margin.

The Directors believe that the Sensors can be differentiated from comparable products currently available on the market by its lower price and durability, which typically enables the Company to provide its customers with a return on investment within one to four years.

http://investor.windarphotonics.com

This information is provided by RNS

The company news service from the London Stock Exchange

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September 27, 2016 02:01 ET (06:01 GMT)