Modern Water PLC Result of Placing (2349G)

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RNS Number : 2349G

Modern Water PLC

25 May 2017

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.

 
For immediate release  25 May 2017 
 

Modern Water plc

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 the Placing announced on 25 May 2017.

A total of 15,545,449 Placing Shares have been placed by WH Ireland and 355,000 Subscription Shares have been acquired by Senior Management and others at a price of 11 pence per share. The Placing and Subscription have raised approximately GBP1.749 million (before expenses) for the Company.

WH Ireland is acting as Bookrunner in connection with the Bookbuild.

Simon Humphrey, Modern Water's Chief Executive Officer, said:

"We are delighted with the level of support for our oversubscribed fundraising. We would like to take this opportunity to welcome new shareholders onto our register and to thank our existing investors for their continued support. We look forward to putting the funds raised to work within the Group and accelerate the execution of our organic growth strategy for the business."

Dealings by persons discharging managerial responsibilities ("PDMRs"), and application for admission to trading on AIM

As part of the arrangements for the Placing, certain of the Company's Senior Managers (each of whom is classified as a PDMR of the Company) have acquired, in aggregate, 300,000 Subscription Shares at the Placing Price.

Application will be made to the London Stock Exchange for admission to trading of 15,900,499 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 1 June 2017 (at which time the Placing will become unconditional).

The Placing Shares and the Subscription 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 Placing Shares and the Subscription Shares.

Unless the context requires otherwise, capitalised terms in this announcement have the same meanings as defined in the Company's announcement of the Placing released via RNS on 25 May 2017.

Total voting rights

Modern Water's enlarged issued ordinary share capital immediately following Admission will be 95,405,705 Ordinary Shares with voting rights attached. The Company has no shares in Treasury; therefore the total number of voting rights in Modern Water is 95,405,705. 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.

For further information please contact:

 
Modern Water plc                                            [phone] 
Simon Humphrey, Chief Executive 
 
 
  W H Ireland (Nominated Adviser, Broker and Book Runner) 
  Paul Shackleton, Jasper Berry (Corporate Broking)           [phone] 
 
Tavistock (Public Relations)                                 [phone] 
Mike Bartlett / Andrew Dunn 
 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCAs") with them.

 
 1  Details of the person discharging managerial responsibilities / person closely associated 
a)  Names                                                        Toby Schumacher Stephen Heaps 
2   Reason for the notification 
a)  Position/status                                              Toby Schumacher - Company Secretary and PDMR 
                                                                  Stephen Heaps - Chief Financial Officer and PDMR 
b)  Initial notification /Amendment                              Initial Notification 
3   Details of the issuer, emission allowance market participant, auction platform, auctioneer 
     or auction monitor 
a)  Name                                                         Modern Water plc 
b)  LEI                                                          Company number 05963927 
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 instrument, type of instrument  Ordinary Shares of 0.25 pence each 
b)  Identification code                                          GB00B1XF5X66 
c)  Nature of the transactions 
                                                                   Purchase of Ordinary Shares 
d)  Price(s) and volume(s)                                       Toby Schumacher - 150,000 Ordinary Shares 
                                                                  Stephen Heaps - 150,000 Ordinary Shares 
                                                                  Price: 11 pence per Ordinary Share 
d)  Aggregated information                                        N/A 
     - Aggregated volume 
     - Price 
e)  Date of the transactions                                     25 May 2017 
f)  Place of the transaction                                     London Stock Exchange, AIM Market (XLON) 
 

Name of authorised official of issuer responsible for making notification:

Toby Schumacher

Company Secretary to Modern Water plc

This information is provided by RNS

The company news service from the London Stock Exchange

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May 25, 2017 05:46 ET (09:46 GMT)