THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (TOGETHER, THIS "ANNOUNCEMENT") 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, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR FORM ANY PART OF AN OFFER TO SELL OR ISSUE, OR A SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND,  THE REPUBLIC OF SOUTH AFRICA OR IN ANY OTHER JURISDICTION IN WHICH SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL OR TO ANY PERSON TO WHOM IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION. NO PUBLIC OFFERING OF THE NEW ORDINARY SHARES IS BEING MADE IN ANY SUCH JURISDICTION. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY CONSTITUTE A VIOLATION OF THE SECURITIES LAWS OF SUCH JURISDICTIONS. PLEASE SEE THE IMPORTANT INFORMATION AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 (AS AMENDED) (WHICH FORMS PART OF DOMESTIC UK LAW PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED)). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

20 December 2023                                

Strip Tinning Holdings plc

("Strip Tinning" or the "Company")

Result of Placing

Strip Tinning Holdings plc (AIM: STG), a leading supplier of specialist connection systems to the automotive sector, is pleased to announce that, further to the announcement made at 7.00 a.m. today (the "Launch Announcement"), the Placing has successfully closed at the Issue Price of 40.0 pence per share. The Company has therefore conditionally raised gross proceeds of £1.0 million through the issue of 2,500,000 Placing Shares and £4.0 million through the issue of the Convertible Loan Notes.

The Company is undertaking the Fundraising to capture the opportunity within its EV division and to, inter alia, invest in the commercialisation and continued development of the Company's CCS product aimed at the EV battery pack market.

Singer Capital Markets acted as sole bookrunner in connection with the Placing.

In addition to the Placing and the issue of the Convertible Loan Notes, a separate conditional retail offer to existing Shareholders via the Bookbuild Platform to raise further proceeds of up to £0.25 million (before expenses) at the Issue Price, will open to eligible investors at 7.00 a.m. on 21 December 2023. A separate announcement will be made by the Company regarding the Retail Offer and its terms.

Adam Robson, Executive Chair of Strip Tinning, commented:  

"We are delighted with this show of support from our shareholders and to have successfully completed our target fundraise. Amidst the ongoing transition to EV, there is a clear need for our Cell Contact Systems, and the funds raised will ensure we are well-placed to capture the significant market opportunity across the EV battery pack market."

Directors' Participation and Related Party Transactions

All of the Directors have conditionally participated in the Placing for an aggregate of 212,500 Placing Shares at the Issue Price. The number of Placing Shares conditionally subscribed for by each of the Directors pursuant to the Placing, and their resulting shareholdings on Admission, assuming a full take up of the Retail Offer, are set out below: 

*includes 985,815 Ordinary Shares held by his wife, Anne Barton

The participations by the Directors in the Placing each constitute related party transactions under Rule 13 of the AIM Rules. As there are no independent Directors to provide a fair and reasonable statement because all of the Directors are participating in the Placing, Singer Capital Markets Advisory LLP (in its capacity as nominated adviser for the purposes of the AIM Rules) considers that the participation by the Directors in the Placing is fair and reasonable insofar as the Shareholders are concerned.

PDMR transactions

In addition to the participations by the Directors, Steve O'Connor, Group Sales Director, and Mark Perrins, Group Managing Director, who are deemed to be PDMRs of the Company, have conditionally subscribed for 11,250 and 13,750 Placing Shares at the Issue Price, respectively.

General Meeting and posting of the Circular

The Fundraising is wholly conditional upon, inter alia, the Fundraising Resolution which is required to implement the Fundraising being duly passed by Shareholders at the General Meeting to be held at the offices of Singer Capital Markets, 1 Bartholomew Lane, London, EC2N 2AX at 11.00 a.m. on 15 January 2024.

The Circular, including the Notice of General Meeting, is expected to be despatched to Shareholders on 21 December 2023 and will be available on the Company's website at www.striptinning.com/investors.

Admission, Settlement and Dealings

Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. Subject to the passing of the Fundraising Resolution at the General Meeting, it is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on 17 January 2024. In addition to the passing of the Fundraising Resolution, the Placing is conditional upon, inter alia, Admission becoming effective, and the Placing Agreement not being terminated in accordance with its terms.

The Placing Shares, when issued, will be fully paid and will 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 issue.

Capitalised terms used in this Announcement have the meanings given to them in the Launch Announcement, unless the context provides otherwise.

The person responsible for arranging the release of this Announcement on behalf of the Company is Adam Le Van, Chief Financial Officer of the Company.

Enquiries:

Strip Tinning Holdings plc                                                                                                            Via Alma PR

Adam Robson, Executive Chairman

Richard Barton, Chief Executive Officer                                                                                 

Adam Le Van, Chief Financial Officer

Singer Capital Markets (Nominated Adviser and Sole Broker)                    +44 (0) 20 7496 3000

Rick Thompson

James Fischer

Alma (Financial PR)                                                                                                        [email protected]

Joe Pederzolli                                                                                                                    +44 (0) 20 3405 0205       

Josh Royston                                                                                    

IMPORTANT NOTICES

The distribution of this Announcement in or into jurisdictions other than the United Kingdom may be restricted by law and therefore any persons who are subject to the laws of any jurisdiction other than the United Kingdom should inform themselves about, and observe, such restrictions. Any failure to comply with the applicable restrictions may constitute a violation of the securities laws of any such jurisdiction. Subject to certain exceptions, this Announcement is not for release, publication or distribution, directly or indirectly, in or into the United States, Australia, Canada, Japan, New Zealand, the Republic of South Africa or any jurisdiction where to do so might constitute a violation of local securities laws or regulations.

Singer Capital Markets Advisory LLP, which is authorised and regulated in the UK by the FCA, is acting as nominated adviser to the Company in connection with the matters described in this Announcement and is not acting for any other persons in relation to the Fundraising and Admission. Singer Capital Markets Advisory LLP is acting exclusively for the Company and for no one else in relation to the contents of this Announcement and persons receiving this Announcement should note that Singer Capital Markets Advisory LLP will not be responsible to anyone other than the Company for providing the protections afforded to clients of Singer Capital Markets Advisory LLP or for advising any other person on the arrangements described in this Announcement. The responsibilities of Singer Capital Markets Advisory LLP as the Company's nominated adviser under the AIM Rules and the AIM Rules for Nominated Advisers are owed solely to the London Stock Exchange and are not owed to the Company or to any Director, Shareholder, Noteholder or other person in respect of their decision to acquire shares in the capital of the Company or Convertible Loan Notes in reliance on any part of this Announcement, or otherwise.

Singer Capital Markets Securities Limited ("Singer Capital Markets"), which is authorised and regulated in the UK by the FCA, is acting as broker to the Company in connection with the matters described in this Announcement and is not acting for any other persons in relation to the Fundraising and Admission. Singer Capital Markets is acting exclusively for the Company and for no one else in relation to the contents of this Announcement and persons receiving this Announcement should note that Singer Capital Markets will not be responsible to anyone other than the Company for providing the protections afforded to clients of Singer Capital Markets or for advising any other person on the arrangements described in this Announcement.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this Announcement.