Share Name Share Symbol Market Type Share ISIN Share Description
Modern Water Plc LSE:MWG London Ordinary Share GB00B1XF5X66 ORD 0.25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.05p -3.03% 1.60p 1.50p 1.70p 1.65p 1.60p 1.65p 837,681 11:09:17
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Gas Water & Utilities 4.2 -2.5 -2.2 - 2

Modern Water PLC Placing & Total Voting Rights

03/09/2019 7:00am

UK Regulatory (RNS & others)


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RNS Number : 9562K

Modern Water PLC

03 September 2019

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.

Modern Water plc

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

Placing & Total Voting Rights

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 11,335,746 new ordinary shares of 0.25 pence each, representing the maximum allotment available of the Company's remaining existing shareholder authority to issue new ordinary shares for cash, have been placed by Turner Pope Investments (TPI) Ltd, the Company's broker, at a price of 1.25 pence per share. The Placing has raised approximately GBP141,696 (before expenses) for the Company. As at today's date, the Company has no further shareholder issuance authority. The net funds will be applied to building the sales pipeline for the innovative membrane process systems and for working capital purposes.

Application will be made to the London Stock Exchange for admission to trading of 11,335,746 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 6 September 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 124,693,214 ordinary shares with voting rights attached. The Company has no shares in treasury; therefore the total number of voting rights in Modern Water is 124,693,214. 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 investors introduced by Turner Pope Investments (TPI) Ltd."

--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                           +44 (0) 1483 696 000 
Simon Humphrey, Chief Executive 
 
 Cairn Financial Advisers LLP (Nominated 
  Adviser)                                  +44 (0) 207 213 0880 
Sandy Jamieson / Tony Rawlinson 
 Ludovico Lazzaretti 
 Turner Pope Investments Ltd (Broker)       +44 (0) 203 657 0050 
Andy Thacker 
 
 
 
 
 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward looking statements. Forward looking statements are identi ed by their use of terms and phrases such as "believe", "could", "should" "envisage", "estimate", "intend", "may", "plan", "potentially", "expect", "will" or the negative of those, variations or comparable expressions, including references to assumptions. These forward looking statements are not based on historical facts but rather on the Directors' current expectations and assumptions regarding the Company's future growth, results of operations, performance, future capital and other expenditures (including the amount, nature and sources of funding thereof), competitive advantages, business prospects and opportunities. Such forward looking statements re ect the Directors' current beliefs and assumptions and are based on information currently available to the Directors.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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