10 February 2017
Kromek Group plc
("Kromek" or the "Company" or the "Group")
Results of Firm Placing and Open Offer
and Result of General Meeting
On 25 January 2017, Kromek, a radiation detection technology company focusing on the medical, security and nuclear markets, announced a conditional Firm Placing to raise £20 million and an Open Offer to raise up to an additional £1 million.
The Company is pleased to announce that at its General Meeting held today, all of the resolutions as set out in the Circular dated 25 January 2017 were duly passed.
The Company is also pleased to announce the results of the Open Offer, which closed for acceptances at 11:00 a.m. on 9 February 2017. Valid acceptances have been received in respect of 13,109,095 new ordinary shares of 1 pence each (the "Ordinary Shares"), representing a percentage take up of 256 per cent of those Ordinary Shares available under the Open Offer. Qualifying Shareholders who have applied for Offer Shares will receive their full Open Offer entitlement. Shareholders that made an application under the excess application facility will receive approximately 26.4 per cent of the excess new Ordinary Shares they applied for.
As set out in the Circular dated 25 January 2017, certain Directors of the Company indicated that they were to apply for new Ordinary Shares under the Open Offer. In line with all existing shareholders, these Directors will receive their Open Offer entitlement and 26.4 per cent of the Ordinary Shares they applied for under the excess application. The number of Ordinary Shares purchased under the Open Offer and the Directors' resultant holdings are therefore as follows:
Name |
Title |
No. of Ordinary Shares held prior to the Firm Placing and Open Offer |
No. of Ordinary Shares subscribed for under the Open Offer* |
No. of Ordinary Shares held following the Firm Placing and Open Offer* |
% of the issued share capital of the Company as enlarged by the Firm Placing and Open Offer* |
Sir Peter Williams |
Chairman |
30,000 |
13,932 |
43,932 |
0.1 |
Derek Bulmer |
Finance Director |
40,000 |
16,817 |
56,817 |
0.1 |
Jerel Whittingham |
Non-Executive Director |
110,450 |
4,029 |
114,479 |
0.1 |
*The number of Ordinary Shares subscribed for by each Director remains subject to rounding adjustment. A further announcement clarifying the exact number of Ordinary Shares purchased under the Open Offer by each Director will be made in due course.
Lawrence Kinet, a non-Executive Director of the Company, intended to apply for 50,000 Ordinary Shares under the Open Offer. Due to Mr Kinet's residence in the United States, a restricted jurisdiction for the purposes of the Open Offer, he did not qualify to participate. Accordingly, Mr Kinet has indicated to the Company that he intends to purchase 50,000 Ordinary Shares in the open market, following the conclusion of the Open Offer. Further announcement on this purchase, as and when it occurs, will be made in due course.
Application has been made for the 5,129,536 new Ordinary Shares, to be issued via the Open Offer, to be admitted to trading on AIM. The Company has also made application for 100,000,000 new Ordinary Shares, to be issued via the Firm Placing, to be admitted to trading on AIM. It is expected that Admission and dealings in the 105,129,536 new Ordinary Shares will commence at 8.00 a.m. on 13 February 2017. Following Admission, the Enlarged Share Capital of the Company will consist of 259,015,618 Ordinary Shares. Therefore, the total number of voting rights in the Company is 259,015,618 and 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 Company.
Enquiries
Kromek Group plc |
01740 626 060 |
Arnab Basu, CEO Derek Bulmer, CFO |
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Cenkos Securities plc |
0207 397 8900 |
Bobbie Hilliam (NOMAD) Harry Pardoe |
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Luther Pendragon |
0207 618 9100 |
Harry Chathli, Claire Norbury, Alexis Gore |
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This announcement contains inside information.
About Kromek Group plc
Kromek Group plc is a UK technology company (global HQ in County Durham) and a leading developer of high performance radiation detection products based on cadmium zinc telluride ("CZT"). Using its core CZT technology, Kromek designs, develops and produces x-ray and gamma ray imaging and radiation detection products for the medical, security screening and nuclear markets.
The Group's products provide high resolution information on material composition and structure and are used in multiple applications, ranging from the identification of cancerous tissues to hazardous materials, such as explosives, and the analysis of radioactive materials.
The Group's business model provides a vertically integrated technology offering to customers, from the growth of CZT crystals to finished products or detectors, including software, electronics and application specific integrated circuits ("ASICs").
The Group has operations in the UK and US (California and Pennsylvania), and is selling internationally through a combination of distributors and direct OEM sales.
Currently, the Group has over a hundred full time employees across its global operations. Further information on Kromek Group is available at www.kromek.com.
