Windar Photonics PLC Issue of Equity & Trading Update (2543J)
21 Diciembre 2020 - 1:00AM
UK Regulatory
TIDMWPHO
RNS Number : 2543J
Windar Photonics PLC
21 December 2020
This announcement contains inside information
21 December 2020
Windar Photonics plc
("Windar" or the "Company")
Issue of Equity & Trading Update
Windar Photonics plc (AIM: WPHO), the technology group that has
developed a cost efficient and innovative LiDAR wind sensor for use
on electricity generating wind turbines, is pleased to announce
that it has raised GBP495,000 (before expenses) (the
"Subscription") through the issue of 4,400,000 ordinary shares of 1
pence each in the Company ("Subscription Shares") to certain
subscribers at 11.25 pence per share (the "Issue Price").
As outlined in the Annual Report & Accounts for the year to
31 December 2019 ("FY2019"), following the rearrangement of the
existing Growth Fund Loan and the new Covid-19 loan the Board
initiated a process to undertake a share placing to raise
approximately GBP0.4 million (before expenses), which has now been
successfully completed through the Subscription. The net proceeds
of the Subscription will be used to strengthen the Company's
balance sheet and for its general working capital requirements.
The Issue Price represents the mid-market closing price of 11.25
pence on 18 December 2020. The Subscription is not being
underwritten and is conditional only on admission of the
Subscription Shares to trading on AIM. The Subscription Shares
represent approximately 8.1 per cent. of the Company's issued share
capital as enlarged by the issue of the Subscription Shares.
Application has been made to the London Stock Exchange for the
Subscription Shares to be admitted to trading on AIM and it is
expected that such Admission will occur at 8.00 a.m. on Thursday,
24 December 2020. The Subscription Shares will be issued and
credited as fully paid and will rank pari passu in all respects
with the existing ordinary shares of 1 pence each of the Company
("Ordinary Shares").
Following Admission, the Company will therefore have 54,151,080
Ordinary Shares in issue, none of which will be held in treasury.
This number may be used by shareholders in Windar as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of Windar under the FCA's Disclosure
Guidance and Transparency Rules.
Jørgen Korsgaard Jensen, Chief Executive Officer of Windar,
commented:
"I am pleased to announce this Subscription which, combined with
the recent rearrangement of existing and new Growth Fund loans,
provides Windar with a strengthened balance sheet to finance our
expected growth in 2021.
I am also pleased today to be able to announce that, despite the
impact of the Covid-19 pandemic in 2020, we expect to report
revenue for the year to 31 December 2020 which is a c.21% increase
compared to FY2019. This increase has been driven by particularly
strong growth in the second half of the year, with sales during
that period expected to represent more than four times the value
achieved in the first six months of the year and more than double
the comparable period in 2019.
This increase in revenue and recent cost saving initiatives are
expected to result in a significant reduction in the underlying
loss before tax in the second half of FY2020 compared to the first
six months of the year. Despite all the difficulties the Covid-19
pandemic has brought upon us in 2020, I am very pleased with not
only the recent financial and market developments but also the near
completion of our next One-Unit product platform to be launched
early 2021 with substantial performance and cost advantages for
both our customers and Windar."
For further information, please contact:
Windar Photonics plc Tel: +45 21689476
Jørgen Korsgaard Jensen, CEO
Cenkos Securities plc (Nomad & Broker) Tel: 0131 220 6939
Neil McDonald / Pete Lynch
Notes to Editors:
Windar Photonics is a technology group that develops
cost-efficient and innovative Light Detection and Ranging ("LiDAR")
optimisation systems for use on electricity generating wind
turbines. LiDAR wind sensors in general are designed to remotely
measure wind speed and direction.
http://investor.windarphotonics.com
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