Emmit PLC Correction : Trading Update and Other Matters
September 01 2014 - 5:23AM
UK Regulatory
TIDMEMT
The following amendments have been made to the Update on Investments, Issue of
Equity and Change of Nomad announcement released on 26 August 2014.
The number of Conversion Shares stated in the third paragraph of the
announcement should read 11,087,480 and not 11,078,480 as previously stated.
Additionally, the statement regarding the application for the New Issued Shares
to be admitted to trading on AIM has been changed to state that "Application
has been made for the admission of the New Issued Shares to trading on AIM,
which is expected to occur on or around 4 September 2014."
All other details remain unchanged. The full amended text is shown below.
Emmit Plc
("Emmit" or the "Company")
Update on Investments
Issue of Equity
Change of Nomad
The Company is pleased to provide an update on Ximax Environmental Solutions
Plc and Ximax Oil and Gas Limited (together "Ximax"), the two investments
entered into earlier this year.
Ximax continues to make good progress in marketing its Xziox product to
agricultural users in the UK and Ireland and has secured a number of new
clients, which is expected to lead to strong growth in sales and profits during
2014. Its international development is also proceeding well, particularly in
the US and the United Arab Emirates. In August, following successful field
trials earlier this year, Ximax, through its US distributor, American Flo
Excel, LLC, signed a 10 year agreement with ROLCO Energy Services
(www.rolcoenergyservices.com) to supply Ximax's FlowXcel product for water
treatment in the US unconventional oil and gas industry. In the UAE, Ximax
continues to engage in positive discussions regarding the supply of Xziox for
the treatment of water in parks and fountains. Ximax believes that successful
fulfilment of either the US or the UAE opportunities should lead to a step
change in Ximax's revenues. The Company hopes to provide a more detailed update
at the time of its interim results in September.
The Company is also pleased to announce that the Leo Knifton has agreed to sell
all his remaining convertible loans, with Company also drawing down on the
outstanding GBP183,785.18 of convertible loan notes. The buyers have all agreed
to convert the loans into new ordinary shares of 0.001p in the Company ("New
Ordinary Shares"), which will result in the issue of 11,087,480 New Ordinary
Shares (the "Conversion Shares").
The Company has also received a notice to exercise 1,000,000 warrants from Mr
Shakeel Harun at 6p per New Ordinary Share (the "Warrant Shares"). These
warrants have been transferred from Oil and Gas Chemical Holdings Limited, one
of the vendors of Ximax.
The Company has also raised GBP70,000 through the issue of 87,500 New Ordinary
Shares at 80p to Lindsay Smith, an existing shareholder (the "Subscription
Shares").
In aggregate, the drawdown of the convertible loan, the warrant exercise by Mr
Shakeel and the subscription by Mr Smith, will inject approximately GBP293,000 of
new capital into the Company.
Following the issue of the Conversion Shares, the Warrant Shares and the
Subscription Shares (together the "New Issued Shares"), the Company will have
18,268,743 ordinary shares in issue, all the convertible loan notes will have
been exercised and the Company will have 4,800,000 6p warrants outstanding. The
holdings of the Company's significant shareholders are set out below:
Name Number of Shares Percentage Number of Warrants
Holding
Irlanza Inversiones SL 5,187,480 28.4 -
Trans Phoenix 5,000,000 27.4 -
Corporation
Shakeel Harun 1,500,000 8.2 -
Lindsay Smith 1,192,287 6.5
Leo Knifton 593,180 3.3 -
Oil & Gas Holdings 392,287 2.8 4,800,000
Application has been made for the admission of the New Issued Shares to trading
on AIM, which is expected to occur on or around 4 September 2014.
Following the issue of equity, the Company's issued share capital will comprise
18,268,743 ordinary shares of 0.001 pence each. The Company holds no shares in
treasury and each share carries one vote. This figure may be used by
shareholders in the Company as the denominator for calculations by which they
will determine if they are required to notify their interest in, or a change to
their interest, under the Disclosure and Transparency Rules.
The Company is also pleased to announce the appointment of Daniel Stewart & Co
Plc as nominated adviser with immediate effect.
For further information please visit www.emmitplc.com or contact:
Emmit plc Dean Cook 01473 604504
Managing Director
Daniel Stewart Antony Legge 020 7776 6550
Nominated Adviser
Alexander David Securities Ltd David Scott 020 7448 9820
Broker
END
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