Microsaic Systems plc Result of General Meeting (2336Y)

TIDMMSYS

RNS Number : 2336Y

Microsaic Systems plc

29 December 2023

29 December 2023

Microsaic Systems plc

("Microsaic" or the "Company")

Result of General Meeting

Capitalised terms in this announcement carry the same meaning as in the Circular

or subsequent announcements, unless the context indicates otherwise

Microsaic Systems plc (AIM: MSYS), the developer of micro-electronic instruments and analytical solutions, is pleased to announce that, further to the Circular dated 4 December 2023 and subsequent announcements made by the Company, all resolutions put to the reconvened General Meeting held earlier today(1) were duly passed. The voting results for each resolution are as follows:

 
        Resolution                              For    % For      Against    % Against    Withheld 
  No. 
        Consolidation of share 
 1       capital                      2,821,190,259   99.09%   25,985,533        0.91%   3,868,146 
       ----------------------------  --------------  -------  -----------  -----------  ---------- 
        Sub-division of share 
 2       capital                      2,819,716,552   99.10%   25,717,485        0.90%   5,609,901 
       ----------------------------  --------------  -------  -----------  -----------  ---------- 
        Adoption of new articles 
 3       of association               2,820,150,506   99.16%   23,971,400        0.84%   6,922,032 
       ----------------------------  --------------  -------  -----------  -----------  ---------- 
 4      Authority to allot shares     2,823,949,262   99.22%   22,071,167        0.78%   5,023,509 
       ----------------------------  --------------  -------  -----------  -----------  ---------- 
        Disapplication of statutory 
 5       pre-emption rights           2,818,435,823   99.14%   24,379,448        0.86%   8,228,667 
       ----------------------------  --------------  -------  -----------  -----------  ---------- 
 

Shareholders are advised that the record date for the Share Consolidation and Sub-division is 6.00 p.m. today and it is expected that CREST accounts will be credited with New Ordinary Shares held in uncertificated form (where applicable) on or around 2 January 2024.

The Company continues to make good progress with regard to both the Revised Fundraising and the Acquisition. Turner Pope Investments, acting as broker to the Fundraising, expects to firm up binding conditional commitments to the Placing within the next few business days. These commitments will remain conditional, inter alia, on the entry by the Company into the Acquisition Agreement and other items described in the Circular which are prerequisites for the Company obtaining the restoration to trading on AIM of its New Ordinary Shares. The Company currently anticipates that support for the Revised Fundraising will be sufficient to meet the revised minimum requirement and also provide additional working capital for the enlarged business following completion of the Acquisition. A further announcement will be made following receipt of the binding commitments being sought.

Microsaic also continues to advance its interest in acquiring the assets and business of the water testing business previously operated by Modern Water, and is progressing its due diligence in parallel with negotiation of the terms of a sale and purchase agreement with the vendor. Updates will be provided as appropriate.

Further information relating to the expected timetable of principal events for the Revised Fundraising, the Acquisition and other matters in relation thereto will be provided in the coming days.

(1)Resolution 6 in connection with Cancellation was withdrawn as announced on 22 December 2023

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English Law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a Regulatory Information Service, this information is considered to be in the public domain.

Enquiries:

 
Microsaic Systems plc                   [phone] 
 Bob Moore, Acting Executive Chairman                via TPI 
 
Singer Capital Markets (Nominated 
 Adviser) 
 Aubrey Powell / Angus Campbell 
 / Oliver Platts                         [phone] 
 
Turner Pope Investments (TPI) 
 Limited (Broker) 
 Andy Thacker / James Pope              [phone] 
 

About Microsaic Systems

Microsaic has over 20 years' experience in microelectronics and development of instrumentation. The Company has a robust and innovative patent portfolio in cutting-edge technology designed and developed for "Industry 4.0" application serving markets in diversified Industries, Human and Environmental Health. Microsaic's system solutions have enabled analytical detection and characterisation at the point-of-need, whether within a conventional laboratory setting, or within a bioprocessing facility for continuous detection of data at multiple steps in the process workflow.

Microsaic's products and solutions are commercially available through global markets via a network of regional and local partners, targeting its core laboratory, manufacturing and point-of-need applications.

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December 29, 2023 06:41 ET (11:41 GMT)