Starcom PLC Issue of equity raises GBP450,000 (9316P)

TIDMSTAR

RNS Number : 9316P

Starcom PLC

22 October 2021

The information contained within this announcement is deemed by the Company to constitute inside information pursuant to Article 7 of EU Regulation 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 as amended.

22 October 2021

Starcom PLC

("Starcom" or the "Company")

Issue of equity raises GBP450,000

Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets, is pleased to announce that the Company has raised GBP450,000 before expenses through a subscription to 36,000,000 new Ordinary Shares of no par value in the Company (the "Subscription Shares") at a price of 1.25 pence per Subscription Share (the "Subscription"). The Subscription is being undertaken utilising the Company's existing share authorities and has been subscribed by several new investors.

The net proceeds of the Subscription will provide the Company with additional working capital and in particular, help convert its pipeline of new business opportunities and provide capex for potential new contracts, as announced earlier today.

Application will be made for the Subscription Shares, which will rank pari passu with the Company's existing Ordinary Shares, to be admitted to trading on AIM ("Admission"). It is anticipated that Admission will become effective at 8.00 a.m. on or around 27 October 2021. The Subscription Shares will represent approximately 9 per cent. of the Company's issued share capital on Admission.

Total voting rights

On Admission, the Company's enlarged issued share capital will comprise 420,214,576 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of Ordinary Shares with voting rights in the Company will be 420,214,576. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the voting rights of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Contacts:

 
 Starcom Plc 
  Michael Rosenberg, Chairman                       07785 727595 
  Avi Hartmann, CEO                                  [phone] 
 Allenby Capital Limited (AIM Nominated Adviser 
  and Joint Broker) 
  Jeremy Porter/Piers Shimwell                     020 3328 5656 
 Peterhouse Capital Limited (Joint Broker) 
  Lucy Williams/Charles Goodfellow/Eran Zucker     020 7469 0930 
 

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October 22, 2021 02:24 ET (06:24 GMT)