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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Pressure Technologies Plc | AQSE:PRES.GB | Aquis Stock Exchange | Ordinary Share | GB00B1XFKR57 |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.50 | 32.00 | 37.00 | 34.50 | 34.50 | 34.50 | 0.00 | 07:08:34 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPRES
RNS Number : 0216H
Pressure Technologies PLC
01 December 2020
THIS ANNOUNCEMENT, INCLUDING THE INFORMATION CONTAINED HEREIN (TOGETHER, THIS "ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, THE REPUBLIC OF IRELAND, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE OF THIS ANNOUNCEMENT AND AT THE START OF THE APPIX.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE OR DISPOSE OF ANY SECURITIES IN PRESSURE TECHNOLOGIES PLC OR ANY OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF PRESSURE TECHNOLOGIES PLC.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 ("MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA THE REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Pressure Technologies plc
("Pressure Technologies" or the "Company")
Result of Placing and PrimaryBid Offer
Pressure Technologies plc, (AIM: PRES), the specialist engineering group, is pleased to confirm, further to the announcements made yesterday regarding the proposed Placing and PrimaryBid Offer, that the Bookbuilding Process has now closed and the Company has conditionally raised gross proceeds of approximately GBP7.5 million (before expenses) through the Placing of 11,666,667 new Ordinary Shares (the "Placing Shares") and subscriptions for a further 805,331 new Ordinary Shares through the PrimaryBid Offer (the "PrimaryBid Shares"), in each case at the Issue Price of 60 pence per share, with certain existing Shareholders and new investors. The Issue Price of 60 pence represents a 4.00 per cent. discount to the Closing Price of 62.5 pence on 27 November 2020, the last business day before the announcement of the Placing.
The Placing Shares and PrimaryBid Shares, once issued, will together represent approximately 40 per cent. of the enlarged share capital of the Company.
The Placing is conditional upon the Placing Resolutions being duly passed by Shareholders at the General Meeting.
The Circular containing, amongst other things, the notice of the General Meeting is expected to be published by the Company by no later than 1 December 2020.
Commenting, Chris Walters, Chief Executive of Pressure Technologies plc said:
"We are grateful for the strong support of our shareholders and new investors, demonstrated through this successful fundraising. The investment provides us with the resources to capitalise on exciting opportunities in the hydrogen energy market and to accelerate growth in our Integrity Management services business. The now stronger balance sheet will provide resilience through tough oil and gas trading conditions, strength in the development of partnerships and the negotiation of major contracts and flexibility to take advantage of emerging opportunities."
Directors' participation in the Fundraising
All of the Directors have agreed to subscribe for Placing Shares at the Issue Price. The number of Placing
Shares subscribed for by each of these Directors pursuant to the Placing, and their resulting shareholdings on Admission, are set out below: Director Number Number of Number of Percentage of Existing new Ordinary Ordinary of enlarged Ordinary Shares subscribed Shares held share capital Shares for in the on Admission on Admission Placing Sir Roy Gardner 160,000 166,667.0 326,666 1.05% Chris Walters 18,000 66,667.0 84,666 0.27% Mike Butterworth 0 50,000.0 50,000 0.16% Tim Cooper 0 11,667.0 11,667 0.04% Brian Newman 10,000 20,000.0 30,000 0.10%
Substantial Shareholders' participation in the Fundraising
The substantial shareholders noted below (together the "Substantial Shareholders"), have agreed to subscribe for Placing Shares at the Issue Price. The number of Placing Shares subscribed for by the Substantial Shareholders pursuant to the Placing, and their resulting shareholdings on Admission, are set out below:
Substantial Shareholder Number of Number of Number of Percentage Existing new Ordinary Ordinary of enlarged Ordinary Shares subscribed Shares held share capital Shares for in the on Admission on Admission Placing Gresham House Asset Management Limited 3,650,000 2,067,535 5,717,535 18.40
Related Party Transactions
The participations by the Directors and Gresham House Asset Management Limited in the Placing are deemed to be related party transactions pursuant to rule 13 of the AIM Rules for Companies. The Company's Nominated Adviser, N+1 Singer, confirms the terms of these transactions are fair and reasonable insofar as Shareholders are concerned.
Admission and dealings
Application will be made to the London Stock Exchange for the 12,471,998 New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will occur and dealings will commence on 18 December 2020 at 8.00 a.m. (or such later date as N+1 Singer and the Company may agree). The Placing and PrimaryBid Offer are conditional upon, amongst other things, Admission becoming effective. The Placing and PrimaryBid Offer are also conditional on the Placing Agreement between the Company and N+1 Singer not being terminated in accordance with its terms prior to Admission.
Total Voting Rights
Following Admission, the Company will have 31,067,163 Ordinary Shares in issue. Therefore, the Company hereby confirms that the total number of voting rights in the Company will, following Admission, be 31,067,163. 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 Company under the FCA's Disclosure Guidance and Transparency Rules.
Pressure Technologies plc Tel: 0114 257 3616 Chris Walters, Chief Executive PressureTechnologies@houston.co.uk N+1 Singer (Nomad and Broker) Tel: 0207 496 3000 Mark Taylor / Carlo Spingardi Houston (Financial PR and Investor Tel: 0204 529 0549 Relations) Kate Hoare / Anushka Mathew / Ben Robinson
Definitions
Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company on 30 November 2020 at 4:35 p.m. to announce the launch of the Placing.
In this document, references to "GBP", "pence" and "p" are to the lawful currency of the United Kingdom. All times referred to in this document are, unless otherwise stated, references to London time.
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 a) Name Sir Roy Gardner ------------------------------ -------------------------------- 2 Reason for the notification ---------------------------------------------------------------- a) Position/status Chairman ------------------------------ -------------------------------- b) Initial notification Initial notification /Amendment ------------------------------ -------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ---------------------------------------------------------------- a) Name Pressure Technologies plc ------------------------------ -------------------------------- b) LEI 213800PTKN1VDP2DIN05 ------------------------------ -------------------------------- 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 financial Ordinary shares of 5 pence each instrument, type of instrument GB00B1XFKR57 Identification code ------------------------------ -------------------------------- b) Nature of the transaction Purchase of Ordinary Shares ------------------------------ -------------------------------- c) Price(s) and volume(s) Price(s) Volume(s) 60 pence 166,667 ---------- ------------------------------ -------------------------------- d) Aggregated information n/a - Aggregated volume - Price ------------------------------ --------------------------------
e) Date of the transaction 30 November 2020 ------------------------------ -------------------------------- f) Place of the transaction Off market transaction ------------------------------ -------------------------------- 1 Details of the person discharging managerial responsibilities a) Name Chris Walters ------------------------------ -------------------------------- 2 Reason for the notification ---------------------------------------------------------------- a) Position/status CEO ------------------------------ -------------------------------- b) Initial notification Initial notification /Amendment ------------------------------ -------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ---------------------------------------------------------------- a) Name Pressure Technologies plc ------------------------------ -------------------------------- b) LEI 213800PTKN1VDP2DIN05 ------------------------------ -------------------------------- 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 financial Ordinary shares of 5 pence each instrument, type of instrument GB00B1XFKR57 Identification code ------------------------------ -------------------------------- b) Nature of the transaction Purchase of Ordinary Shares ------------------------------ -------------------------------- c) Price(s) and volume(s) Price(s) Volume(s) 60 pence 66,667 ---------- ------------------------------ -------------------------------- d) Aggregated information n/a - Aggregated volume - Price ------------------------------ -------------------------------- e) Date of the transaction 30 November 2020 ------------------------------ -------------------------------- f) Place of the transaction Off market transaction ------------------------------ -------------------------------- 1 Details of the person discharging managerial responsibilities a) Name Brian Newman ------------------------------ -------------------------------- 2 Reason for the notification ---------------------------------------------------------------- a) Position/status Senior Non-Executive Director ------------------------------ -------------------------------- b) Initial notification Initial notification /Amendment ------------------------------ -------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ---------------------------------------------------------------- a) Name Pressure Technologies plc ------------------------------ -------------------------------- b) LEI 213800PTKN1VDP2DIN05 ------------------------------ -------------------------------- 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 financial Ordinary shares of 5 pence each instrument, type of instrument GB00B1XFKR57 Identification code ------------------------------ -------------------------------- b) Nature of the transaction Purchase of Ordinary Shares ------------------------------ -------------------------------- c) Price(s) and volume(s) Price(s) Volume(s) 60 pence 20,000 ---------- ------------------------------ -------------------------------- d) Aggregated information n/a - Aggregated volume - Price ------------------------------ -------------------------------- e) Date of the transaction 30 November 2020 ------------------------------ -------------------------------- f) Place of the transaction Off market transaction ------------------------------ -------------------------------- 1 Details of the person discharging managerial responsibilities a) Name Mike Butterworth ------------------------------ -------------------------------- 2 Reason for the notification ---------------------------------------------------------------- a) Position/status Non-Executive Director ------------------------------ -------------------------------- b) Initial notification Initial notification /Amendment ------------------------------ -------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ---------------------------------------------------------------- a) Name Pressure Technologies plc ------------------------------ -------------------------------- b) LEI 213800PTKN1VDP2DIN05 ------------------------------ -------------------------------- 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 financial Ordinary shares of 5 pence each instrument, type of instrument GB00B1XFKR57 Identification code ------------------------------ -------------------------------- b) Nature of the transaction Purchase of Ordinary Shares ------------------------------ -------------------------------- c) Price(s) and volume(s) Price(s) Volume(s) 60 pence 50,000 ---------- ------------------------------ -------------------------------- d) Aggregated information n/a - Aggregated volume - Price ------------------------------ -------------------------------- e) Date of the transaction 30 November 2020 ------------------------------ -------------------------------- f) Place of the transaction Off market transaction ------------------------------ -------------------------------- 1 Details of the person discharging managerial responsibilities a) Name Tim Cooper ------------------------------ -------------------------------- 2 Reason for the notification ---------------------------------------------------------------- a) Position/status Non-Executive Director ------------------------------ -------------------------------- b) Initial notification Initial notification /Amendment ------------------------------ -------------------------------- 3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor ---------------------------------------------------------------- a) Name Pressure Technologies plc ------------------------------ -------------------------------- b) LEI 213800PTKN1VDP2DIN05 ------------------------------ -------------------------------- 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 financial Ordinary shares of 5 pence each instrument, type of instrument GB00B1XFKR57 Identification code ------------------------------ -------------------------------- b) Nature of the transaction Purchase of Ordinary Shares ------------------------------ -------------------------------- c) Price(s) and volume(s) Price(s) Volume(s) 60 pence 11,667 ---------- ------------------------------ -------------------------------- d) Aggregated information n/a - Aggregated volume - Price ------------------------------ -------------------------------- e) Date of the transaction 30 November 2020 ------------------------------ -------------------------------- f) Place of the transaction Off market transaction ------------------------------ --------------------------------
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END
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(END) Dow Jones Newswires
December 01, 2020 02:00 ET (07:00 GMT)
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