Modern Water PLC Launch of Open Offer (6630D)

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RNS Number : 6630D

Modern Water PLC

11 October 2018

11 October 2018

Modern Water plc

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

1 for 10 Open Offer of 10,042,705 New Ordinary Shares at 9 pence

per share to raise up to GBP0.9 million

Modern Water plc (AIM:MWG), the owner of leading technologies for water and wastewater treatment and for the monitoring of water quality, is pleased to announce that it will today post a circular to qualifying shareholders regarding an Open Offer of up to 10,042,705 New Ordinary Shares at 9 pence ("the Issue Price") to raise up to approximately GBP0.9 million (before expenses). The Issue Price represents a discount of 4.3 per cent to the closing price on the Record Date and an 18.8 per cent discount to the 90 day volume weighted average price (VWAP).

Qualifying Shareholders will have a Basic Entitlement of 1 Open Offer Share for every 10 Existing Ordinary Shares held and will also have the opportunity to apply for additional shares under the Excess Application Facility.

Modern Water is pleased to announce that it has received an irrevocable undertaking from Hangzhou Shangtuo Environmental Technology Co. Ltd. (trading as "Sunup") to subscribe for its entitlement and participate in the Excess Application facility.

Simon Humphrey, Modern Water's CEO, said: "We are pleased to be delivering on the commitment made to shareholders in July to allow them to participate alongside our strategic partner Sunup. We are particularly pleased that Sunup themselves are committed to the open offer only a matter of months after their initial investment."

Commenting on the announcement Noah Tan, Sunup's CEO said "Sunup is pleased to support the open offer and welcomes the opportunity to make a further investment in Modern Water. This demonstrates our commitment to the long term partnership we are developing with Modern Water and further deepens our working relationship."

EXPECTED TIMETABLE OF PRINCIPAL EVENTS

 
 Record Date for entitlement to participate           5:00 p.m. on 09 October 
  in the Open Offer                                                      2018 
 Announcement of the Open Offer                               11 October 2018 
 Dispatch of the Circular and, to certain                     11 October 2018 
  Qualifying Non-CREST Shareholders, the 
  Application Form 
 Ex-Entitlement Date for the Open Offer               8:00 a.m. on 11 October 
                                                                         2018 
 Basic Entitlements and Excess CREST Entitlements*            12 October 2018 
  credited to CREST stock accounts of Qualifying 
  CREST Shareholders 
 Recommended latest time and date for                 4:30 p.m. on 22 October 
  requesting withdrawal of Basic Entitlements                            2018 
  and Excess CREST Entitlements from CREST* 
 Latest time for depositing Basic Entitlements        3:00 p.m. on 23 October 
  and Excess CREST Entitlements into CREST                               2018 
 Latest time and date for splitting Application       3:00 p.m. on 24 October 
  Forms (to satisfy bona fide market claims                              2018 
  only) 
 Latest time and date for receipt of completed       11:00 a.m. on 26 October 
  Application Forms and payment in full                                  2018 
  under the Open Offer or settlement of 
  relevant CREST instruction (as appropriate) 
 Result of Open Offer announced through                       29 October 2018 
  RNS 
 Admission of the New Ordinary Shares                 8:00 a.m. on 30 October 
  to trading on AIM                                                      2018 
 New Ordinary Shares in uncertificated                        30 October 2018 
  form expected to be credited to accounts 
  in CREST (uncertificated holders only) 
 Expected date of despatch of definitive                      6 November 2018 
  share certificates for the New Ordinary 
  Shares in certificated form (certificated 
  holders only) 
 
 

* In respect of each Qualifying Shareholders whose Existing Ordinary Shares on the register of members of the Company on the Record Date are in uncertificated form who has taken up his Basic Entitlement in full, the entitlement to apply for Open Offer Shares in addition to his Basic Entitlement.

--Ends--

For further information:

 
Modern Water plc                                  [phone] 
Simon Humphrey, Chief Executive 
 
 WH Ireland Limited (Nominated Adviser)            [phone] 
Chris Fielding 
 James Sinclair-Ford 
 
 
 
 
 

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

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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October 11, 2018 02:00 ET (06:00 GMT)