Remote Monitored Systems PLC Placing to raise £350,000 and Director dealings (9009M)

TIDMRMS

RNS Number : 9009M

Remote Monitored Systems PLC

11 January 2019

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

11 January 2019

Remote Monitored Systems plc ("Remote Monitored Systems", the "Company" or the "Group")

Placing to raise GBP350,000; Directors' Participation; Total Voting Rights

Remote Monitored Systems plc, the AIM quoted survey, inspection and monitoring company, is pleased to announce the successful completion of a placing (the "Placing") to raise GBP350,000 to support the growth of the Company's core areas of business, to provide working capital, and to leave the Company free of debt once the final payment for the Pegasus equipment is made in March.

Placing

A total of 53,846,154 ordinary shares of 0.2p nominal value each ("Placing Shares") have been placed with investors at 0.65p per share, a discount of approximately 10% to the closing mid-market price on 10 January 2019. The Placing Shares are due to be admitted to trading on or around 17 January 2019 with dealing commencing at 8:00 am.

Directors' Participation in the Placing

Nigel Burton, non-executive Chairman of the Company, has subscribed GBP100,000 for 15,384,615 Shares. Following the issue of the Placing Shares, Nigel Burton will have a beneficial interest in 26,098,900 Shares representing approximately 6.8% of the enlarged issued share capital and total voting rights of the Company.

Trevor Brown, Executive Director of the Company, has subscribed GBP100,000 for 15,384,615 Shares. Following the issue of the Placing Shares, Trevor Brown will have a beneficial interest in 88,241,757 Shares representing approximately 22.8% of the enlarged issued share capital and total voting rights of the Company.

Related Party Transaction

Nigel Burton and Trevor Brown, as Directors of the Company, are considered to be "related parties" as defined under the AIM Rules and accordingly, their participation in the Placing constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

The Director independent of the Placing, being Paul Ryan (Non-Executive Director), considers, having consulted with the Company's nominated adviser, that the terms of Nigel and Trevor's participations in the Placing are fair and reasonable insofar as the Company's shareholders are concerned.

Total Voting Rights

Following the issue of the Placing Shares as described above totalling 53,846,154 ordinary shares, the issued share capital of the Company will consist of 386,313,844 ordinary shares. No shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 386,313,844.

Trevor Brown, CEO of Remote Monitored Systems plc, commented "The funds raised will be utilised to promote the continuing growth of both of our operating businesses. The significant participation of the Board in the fundraise is an eloquent statement about our confidence in the future."

We expect 2019 to be a period of strong growth for our two operating businesses, Geocurve and Gyrometric, and this Placing provides the resources necessary to fund that growth. Our objective remains to minimise dilution and maximise growth in shareholder value by controlling costs and focusing investment on growing our sales teams whilst we continue to seek further opportunities to enhance shareholder value."

ENQUIRIES:

Remote Monitored Systems plc

Trevor Brown (Executive Director) [phone]

Nigel Burton (Non-Executive Chairman) [phone]

SP Angel Corporate Finance LLP [phone]

Stuart Gledhill

Jeff Keating

Caroline Rowe

Peterhouse Capital Limited [phone]

Lucy Williams

Fungai Ndoro

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/person 
       closely associated 
 a)   Name:                              Trevor Brown 
     ---------------------------------  --------------------------------------- 
 2.   Reason for the notification 
     -------------------------------------------------------------------------- 
 a)   Position/status:                   Executive Director 
     ---------------------------------  --------------------------------------- 
 b)   Initial notification/Amendment:    Initial notification 
     ---------------------------------  --------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------- 
 a)   Name:                              Remote Monitored 
                                          Systems plc 
     ---------------------------------  --------------------------------------- 
 b)   LEI:                               213800VR2P5DDQHYZO48 
     ---------------------------------  --------------------------------------- 
 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 
       instrument, type of instrument:    0.2 pence each 
       Identification code:               GB00BFX0ZN92 
     ---------------------------------  --------------------------------------- 
 b)   Nature of the transaction:         Participation in 
                                          the Placing 
     ---------------------------------  --------------------------------------- 
 c)   Price(s) and volume(s):              Price(s)   Volume(s) 
                                            0.65p      15,384,615 
                                                      ----------- 
     ---------------------------------  --------------------------------------- 
 d)   Aggregated information:            Single transaction 
       Aggregated volume:                 as in 4 c) above Price(s)   Volume(s) 
       Price:                              0.65p      15,384,615 
                                                     ----------- 
     ---------------------------------  --------------------------------------- 
 e)   Date of the transaction:           11 January 2019 
     ---------------------------------  --------------------------------------- 
 f)   Place of the transaction:          Outside a trading 
                                          venue 
     ---------------------------------  --------------------------------------- 
 
 
 Details of the person discharging managerial responsibilities/person 
  closely associated 
 Name:                              Nigel Burton 
                                   --------------------------------------- 
 Reason for the notification 
 Position/status:                   Non-Executive Director 
                                   --------------------------------------- 
 Initial notification/Amendment:    Initial notification 
                                   --------------------------------------- 
 Details of the issuer, emission allowance market participant, 
  auction platform, auctioneer or auction monitor 
 Name:                              Remote Monitored 
                                     Systems plc 
                                   --------------------------------------- 
 LEI:                               213800VR2P5DDQHYZO48 
                                   --------------------------------------- 
 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 
 Description of the financial       Ordinary shares of 
  instrument, type of instrument:    0.2 pence each 
  Identification code:               GB00BFX0ZN92 
                                   --------------------------------------- 
 Nature of the transaction:         Participation in 
                                     the Placing 
                                   --------------------------------------- 
 Price(s) and volume(s):              Price(s)   Volume(s) 
                                       0.65p      15,384,615 
                                                 ----------- 
                                   --------------------------------------- 
 Aggregated information:            Single transaction 
  Aggregated volume:                 as in 4 c) above Price(s)   Volume(s) 
  Price:                              0.65p      15,384,615 
                                                ----------- 
                                   --------------------------------------- 
 Date of the transaction:           11 January 2019 
                                   --------------------------------------- 
 Place of the transaction:          Outside a trading 
                                     venue 
                                   --------------------------------------- 
 

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January 11, 2019 06:40 ET (11:40 GMT)