TIDMPRES
RNS Number : 7282T
Pressure Technologies PLC
16 October 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.
THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY AND DOES
NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION TO BUY,
SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN PRESSURE TECHNOLOGIES
PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION
WOULD BE UNLAWFUL.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
THE MARKET ABUSE REGULATION. UPON THE PUBLICATION OF THE
ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION
IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Pressure Technologies plc
("Pressure Technologies" or the "Company")
Result of Oversubscribed Placing
and Posting of Circular
London, 16 October 2017 - Pressure Technologies plc (AIM: PRES),
the specialist engineering group, is pleased to announce the result
of the bookbuild announced earlier today.
A total of 4,100,000 new Ordinary Shares of 5 pence each in the
Company representing approximately 28.29 per cent. of the Company's
existing issued ordinary share capital have been conditionally
placed at a price of 122 pence per Placing Share raising proceeds
of approximately GBP5.0 million (before expenses), subject to
completion of the Placing.
The Placing is conditional, amongst other things, upon the
passing of the Resolutions. The Placing Shares will be issued free
of all liens, charges and encumbrances and will, when issued and
fully paid, rank pari passu in all respects with the Existing
Ordinary Shares, including the right to receive all dividends and
other distributions declared, made or paid after the date of their
issue.
Application has been made for the 4,100,000 new Ordinary Shares
to be admitted to trading on AIM. Dealings in these new Ordinary
Shares are expected to commence on 6 November 2017. The new
Ordinary Shares will rank pari passu with the Company's existing
Ordinary Shares.
Other than where defined, capitalised terms used in this
announcement have the meanings given to them in the Announcement
released by the Company this morning at 8.00 a.m.
Total Voting Rights
Following the issue of the Placing Shares, the Company's issued
share capital will comprise 18,595,165 ordinary shares of 5 pence
each. The total number of voting rights in the Company will be
18,595,165. 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.
Circular to be posted today.
Further to this announcement that the Company has conditionally
raised gross proceeds of approximately GBP5.0 million through a
placing of new Ordinary Shares, the Company is pleased to announce
that the Circular will be posted today notifying shareholders of a
general meeting which is being convened for the purpose of, amongst
other things, considering the Resolutions required in connection
with the Placing, to be held at the offices of Pressure
Technologies at Newton Business Centre, Newton Chambers Road,
Chapeltown, Sheffield, S35 2PH at 12.00 p.m. on 3 November
2017.
A copy of the Circular will shortly be available online at
www.pressuretechnologies.com
For further information, please contact:
Pressure Technologies Tel: 0114 257 3622
plc
John Hayward, Chief Executive
Joanna Allen, Group Finance
Director
Keeley Clarke, Investor
Relations
Cantor Fitzgerald Europe Tel: 020 7894 7000
(Sole Bookrunner, Nominated
Adviser and Broker)
Philip Davies
Will Goode
Company description - www.pressuretechnologies.com
With its head office in Sheffield, Pressure Technologies was
founded on its leading market position as a designer and
manufacturer of high-pressure systems serving the global energy,
defence and industrial gases markets. Today it continues to serve
those markets from a broader engineering base with specialist
precision engineering businesses and has a worldwide presence in
Alternative Energy as a global leader in biogas upgrading.
Pressure Technologies has four divisions, Precision Machined
Components, Engineered Products, Cylinders and Alternative Energy,
serving four markets: oil and gas, defence, industrial gases and
alternative energy.
Precision Machined Components
-- Al-Met, Mid Glamorgan, acquired in 2010 www.almet.co.uk
-- Roota Engineering, Rotherham, acquired in March 2014 www.roota.co.uk
-- Quadscot, Glasgow, acquired in October 2014 www.quadscot.co.uk
-- Martract Limited, Barton-on-Humber, acquired in December 2017 www.martract.co.uk
Engineered Products
-- Hydratron, Manchester, acquired in 2010 www.hydratron.com
Cylinders
-- Chesterfield Special Cylinders, Sheffield, IPO cornerstone in
2007, CSC Deutschland Gmbh, which is based in Dorsten, Germany and
Chesterfield Special Cylinders Inc. which is based in Houston, USA
www.chesterfieldcylinders.com
Alternative Energy
-- Greenlane Biogas, Sheffield, UK and Vancouver, Canada and
Greenlane Technologies Auckland, New Zealand (Greenlane Biogas
acquired in October 2014) www.greenlanebiogas.com
Prior to publication, certain information contained within this
Announcement was deemed to constitute inside information for the
purposes of Article 7 of EU Regulation 596/2014 ("MAR"). In
addition, market soundings (as defined in MAR) were taken in
respect of the Placing with the result that certain persons became
aware of inside information (as defined in MAR), as permitted by
MAR. Due to the publication of this Announcement, those persons
that received inside information in a market sounding are no longer
in possession of such inside information relating to the Company
and its securities.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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