Verditek PLC Issue of Equity on Conversion of CLN (2321V)

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RNS Number : 2321V

Verditek PLC

02 December 2019

Verditek plc

Issue of Equity on Conversion of Convertible Loan Note ("CLN")

Directors' shareholding

Verditek plc ("Verditek" or "Company"), the international clean technology company that develops, manufactures and sells certified lightweight solar panels, is pleased to announce that it has received a notice of conversion from Gavin Mayhew, a Non-Executive Director, in respect of his CLN holding of GBP1 million together with accrued interest up to the point of exercise.

The exercise price for the capital amount and accrued interest of the CLN will be 8p in accordance with the adjusted terms of the CLN. The exercise will give rise to the issue of 13,712,937 new Ordinary Shares in the Company, which represents 6% of the enlarged issued ordinary share capital in the Company and Application has been made for the new Ordinary Shares to be admitted to trading on AIM which is expected to take place on 5 December 2019. As a result of this conversion Gavin Mayhew`s shareholding will be 21,157,381 Ordinary Shares representing 9% of the issued ordinary share capital. There remains a balance of issued CLN`s of GBP170,000.

Following Admission, Verditek will have 229,163,534 Ordinary Shares in issue and admitted to trading on AIM. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority.

Gavin Mayhew commented: "Verditek's continued focus on production and commercialisation of the Graphene Integrated PV cell, through the second Joint Development Programme with Paragraf, is very exciting given its potential applications in consumer electronics, satellite and other markets. I am confident that Verditek is at an inflexion point in its lifecycle. We have created persuasive solutions to large, costly problems for clients in our 8 market segments by developing clever and affordable suites of products that integrate our lightweight solar panels. Looking forward, the conversion of the loan note at 8p was a very simple decision."

Geoff Nesbitt, CEO of Verditek plc, commented: "This is good news for the company and our shareholders. Gavin's decision to convert at 8p reflects the growth that we are working to deliver and greatly improves near term and future cashflow of the Company."

For further information, please visit www.verditek.com

Enquiries:

 
 Verditek plc                           Tel: [phone] 
  RH Lord David Willetts FRS             1110 
  (Non-Executive Chairman)               [e-mail] 
  Dr Geoff Nesbitt (Chief Executive 
  Officer) 
  WH Ireland Limited (NOMAD              Tel: [phone] 
   and Broker)                            1666 
 Chris Hardie (Corporate Finance) 
  Matthew Chan 
 Novella (Financial PR)                 Tel: [phone] 
                                         7008 
 Tim Robertson/Fergus Young 
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

The below notification is made in accordance with the EU Market Abuse Regulation. The form required under the EU Market Abuse Regulation follows.

 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                          Gavin Mayhew 
     ------------------------------------------------------------  ------------------------------------ 
 2    Reason for the notification 
     -------------------------------------------------------------------------------------------------- 
 a)   Position/status                                               Non-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                                                          Verditek plc 
     ------------------------------------------------------------  ------------------------------------ 
 b)   LEI                                                           213800YWMHGTNXCWZC33 
     ------------------------------------------------------------  ------------------------------------ 
 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 
                                                                     GB00BF2C0424 
       Identification code 
     ------------------------------------------------------------  ------------------------------------ 
 b)   Nature of the transaction                                     Conversion of Convertible Loan Note 
     ------------------------------------------------------------  ------------------------------------ 
 c)   Price(s) and volume(s)                                         Price(s)    Volume(s) 
                                                                      8 pence     13,712,937 
                                                                                 ----------- 
     ------------------------------------------------------------  ------------------------------------ 
 d)    Aggregated information 
         *    Aggregated volume                                      13,712,937 
                                                                      8 pence 
 
         *    Price 
     ------------------------------------------------------------  ------------------------------------ 
 e)   Date of the transaction                                       29 November 2019 
     ------------------------------------------------------------  ------------------------------------ 
 f)   Place of the transaction                                      London Stock Exchange, AIM Market 
     ------------------------------------------------------------  ------------------------------------ 
 

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December 02, 2019 02:00 ET (07:00 GMT)