Modern Water PLC Equity Issue & Result of Placing (5683N)

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RNS Number : 5683N

Modern Water PLC

21 January 2019

Modern Water plc

("Modern Water", "the Company" or "the Group")

Equity Issue & Result of Placing

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN 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, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

Results of Placing

Modern Water plc, the owner of world-leading technologies for water and wastewater treatment and for water quality monitoring has successfully completed a placing of ordinary shares.

A total of 9,000,000 shares have been placed by Turner Pope Investments (TPI) Ltd at a price of 6.5 pence per share with the Company placing 38,000 shares at 6.5 pence per share. The Placing has raised approximately GBP587,470 (before expenses) for the Company.

In addition, the Company has granted warrants over ordinary shares: 9,038,000 at a price of 9.75p to investors and 540,000 at a price of 6.5p to a TPI nominee, all exercisable within two years from grant and subject to approval at the Company's 2019 AGM.

Application will be made to the London Stock Exchange for admission to trading of 9,038,000 new ordinary shares on AIM ("Admission"). It is expected that Admission will take place and dealings on AIM will commence at 8:00 a.m. on or around 28 January 2019 (at which time the placing will become unconditional).

The new ordinary shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing ordinary shares in the capital of the Company, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the new ordinary shares.

Total voting rights

Modern Water's enlarged issued ordinary share capital immediately following Admission will be 113,257,468 ordinary shares with voting rights attached. The Company has no shares in treasury; therefore the total number of voting rights in Modern Water is 113,257,468. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify an interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Simon Humphrey, the Company's CEO, commented: "We are delighted to receive additional support from new investors introduced by Turner Pope Investments. The net funds will be applied towards working capital, in particular increasing specific inventory in the pursuit of additional contracts and we look forward to updating the market of such in the near term. The Company is looking to build on recent successes and momentum through a strategically placed regional office network and its partnership in China, which has already seen Sunup successfully commission the first AMBC pilot plant, using Modern Water technology, treating waste water from a power station."

--Ends--

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.

For further information:

 
Modern Water plc                              [phone] 
Simon Humphrey, Chief Executive 
 
WH Ireland Limited                           [phone] 
Chris Fielding (Nominated Adviser) 
 James Sinclair-Ford 
Turner Pope Investments Ltd (Broker 
 to the placing)                            [phone] 
 
 

Notes to editors:

Modern Water is a pioneering and innovative technology company, specialising in membrane water treatment solutions and advanced monitoring products. The company works for customers in a range of industries across the globe and owns proprietary technologies for use in a diverse range of applications. Modern Water's Monitoring Division has a portfolio of world-leading toxicity and trace metal monitoring products, some of which constitute the regulatory standard. The headline technology of the Company's Membrane Division, called "AMBC", can be used to tackle complex wastewater treatment problems at a reduced cost compared to standard processes, while being simple to operate.

www.modernwater.com

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January 21, 2019 02:00 ET (07:00 GMT)