TIDMSED
RNS Number : 8951U
Saietta Group PLC
28 November 2023
28 November 2023
Saietta Group plc
("Saietta" or "the Company" or "the Group")
Results of Bookbuild and Subscription
Directors' Dealings
Saietta Group plc (AIM: SED), the multi-national business which
designs, engineers and manufactures complete electric drivetrain
(eDrive) solutions for electric vehicles, is pleased to announce
that, further to its announcement of 5:45 p.m. on 27 November 2023,
(the "Launch Announcement"), it has conditionally completed the
Bookbuild which is now closed, and a Subscription of new Ordinary
Shares by certain of the Company's Directors and other
investors.
Pursuant to the Placing and the Subscription, the Company has
conditionally placed, in aggregate, 39,649,604 new Ordinary Shares,
raising proceeds of approximately GBP 6.7 million (before expenses)
at an Issue Price of 17 pence per share, reflecting a 17 per cent
discount to the closing price on 24 November 2023, being the last
business day prior to the announcement of the Fundraising.
On First Admission, 8,135,752 Firm Placing Shares and 2,058,824
Firm Subscription Shares will be issued. On Second Admission,
subject to the passing of the Fundraising Resolutions at the
General Meeting, 4,852,941 Conditional Subscription Shares and a
minimum of 24,602,087 Conditional Placing Shares will be
issued.
Canaccord Genuity Limited ("Canaccord") is acting as Nominated
Adviser, Sole Bookrunner and Sole Broker in connection with the
Placing.
Capitalised terms used but not defined in this announcement
shall have the meaning given to them in the Launch
Announcement.
Broker Option
In order to deal with any additional demand from shareholders
and other investors who did not participate in the Placing, the
Company has granted an option (the "Broker Option") to Canaccord to
allow for the issue of up to an additional 5,882,353 new Ordinary
Shares (the "Broker Option Shares") at the Issue Price. The Broker
Option is exercisable until 4.45 p.m. on 12 December 2023.
Investors who wish to register their interest in subscribing for
Broker Option Shares should instruct their stockbroker to speak
with a Canaccord contact or email cg-ecm-uk@cgf.com .
Directors' Participation
Emmanuel Clair, David Woolley, David Wilkinson and Devyani
Vaishampayan each of whom are Directors of the Company (the
"Participating Directors"), have agreed to participate in the
Subscription for an aggregate of 2,058,824 Firm Subscription Shares
at the Issue Price. On Second Admission, following the
unconditional issue of the Conditional Fundraising Shares, the
interests of the Participating Directors in the Company's enlarged
share capital will be as follows:
Participating Director Number of existing Number of Firm Total number of Percentage of
Ordinary Shares Subscription Shares Ordinary Shares at Enlarged Share
both First Admission Capital*
and Second Admission
Emmanuel Clair 12,722,622 1,294,118 14,016,740 9.1%
---------------------- ---------------------- --------------------- ----------------------
David Wilkinson 11,956 58,824 70,780 0.0%
---------------------- ---------------------- --------------------- ----------------------
David Woolley 0 588,235 588,235 0.4%
---------------------- ---------------------- --------------------- ----------------------
Devyani Vaishampayan 0 117,647 117,647 0.1%
---------------------- ---------------------- --------------------- ----------------------
*Assumes that the Broker Option is exercised in full
Admission and Total Voting Rights
Application will be made to London Stock Exchange for admission
of the 10,194,576 Firm Fundraising Shares to trading on AIM. It is
expected that settlement of any such shares and First Admission
will take place no later than 8.00 a.m. on 1 December 2023 and that
dealings in the Firm Fundraising Shares on AIM will commence at
that time.
Application will be made to London Stock Exchange for admission
to trading of the 29,455,028 Conditional Fundraising Shares on AIM.
Subject to the passing of the Fundraising Resolution at the General
Meeting, it is expected that settlement of any such shares and
Second Admission will take place no later than 8.00 a.m. on 19
December 2023 and that dealings in the Conditional Fundraising
Shares will commence at that time.
Following First Admission there will be 113,209,438 Ordinary
Shares in issue. This number may be used by shareholders as the
denominator for the calculation 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 the Company.
Following Second Admission, and assuming the Broker Option has
not been exercised, there will be 142,664,466 Ordinary Shares in
issue. This number may be used by shareholders as the denominator
for the calculation 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 the Company. If the Broker Option is
exercised, the Company will release a further announcement advising
shareholders of the revised aggregate number of Ordinary Shares
which will be in issue at Second Admission and the total voting
rights.
Publication of Circular
A circular, containing further details of the Fundraising and
notice of the General Meeting to be held at 10.00 a.m. on 15
December 2023 to, inter alia, approve the resolution required to
implement the Fundraising, is expected to be published to
Shareholders shortly (the "Circular"). Following its publication,
the Circular will be available on the Group's website at:
https://www.saietta.com/investors/reports-presentations/
Shareholders will be asked to vote in favour of the Fundraising
Resolution at the General Meeting in order for the Conditional
Fundraising to proceed. If the Fundraising Resolution is not passed
by Shareholders, the Conditional Fundraising cannot complete, and
the Company will not receive the net proceeds of the Conditional
Fundraising. The Directors believe that successful completion of
the Conditional Fundraising is required to fund the Company's
short-term working capital requirements.
For any further enquiries, please contact:
Saietta Group contact@saietta.com
Tony Gott, Executive Chair
David Woolley, Chief Executive Officer
Canaccord Genuity (Nomad and Broker)
Henry Fitzgerald-O'Connor / Harry Pardoe 0207 523 8000
About Saietta:
Listed on the London Stock Exchange's AIM, Saietta is a global
business that designs, develops and manufactures complete electric
drivetrain (eDrive) solutions for established manufacturers of a
broad range of electric vehicles.
Saietta's breakthrough proprietary technologies include AFT
(Axial Flux Technology) and RFT (Radial Flux Technology) motors,
power electronics, powertrain controls, mechanical axles,
transmissions and vehicle control units. Considerable flexibility
is built into the core design, meaning solutions can be quickly and
cost effectively tailored to a specific application.
Saietta works in a highly collaborative way with clients, driven
by the belief that partnership is key to delivering world-class
tailored solutions at pace. Saietta's engineering team takes time
to deeply understand a client's brand, target market sector,
competition and the services they require. Then Saietta develops a
bespoke suite of products and services to fast-track the client to
production with eDrive solutions which deliver a sustainable
competitive advantage.
1 Details of the person discharging managerial responsibilities
a) Name David Woolley
------------------------- -------------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------- -------------------------------------
b) Initial notification/ Initial notification
Amendment
------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name Saietta Group PLC
------------------------- -------------------------------------
b) LEI 213800OOUPLXQIFOO462
------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------
a) Description of Ordinary shares of GBP0.0011 each
the financial
instrument
------------------------- -------------------------------------
b) Identification GB00BNDM6X87
code of the Financial
Instrument
------------------------- -------------------------------------
c) Nature of the Purchase of shares
transaction
------------------------- -------------------------------------
d) Price(s) and Price(s) Volume(s)
volume(s) 17 pence 588,235
----------
------------------------- -------------------------------------
e) Aggregated information: Not applicable - single transaction
volume, Price
------------------------- -------------------------------------
f) Date of the transaction 27 November 2023
------------------------- -------------------------------------
g) Place of the Off market
transaction
------------------------- -------------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Emmanuel Clair
------------------------- -------------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Non-Executive Director
------------------------- -------------------------------------
b) Initial notification/ Initial notification
Amendment
------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name Saietta Group PLC
------------------------- -------------------------------------
b) LEI 213800OOUPLXQIFOO462
------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------
a) Description of Ordinary shares of GBP0.0011 each
the financial
instrument
------------------------- -------------------------------------
b) Identification GB00BNDM6X87
code of the Financial
Instrument
------------------------- -------------------------------------
c) Nature of the Purchase of shares
transaction
------------------------- -------------------------------------
d) Price(s) and Price(s) Volume(s)
volume(s) 17 pence 1,294,118
----------
------------------------- -------------------------------------
e) Aggregated information: Not applicable - single transaction
volume, Price
------------------------- -------------------------------------
f) Date of the transaction 27 November 2023
------------------------- -------------------------------------
g) Place of the Off market
transaction
------------------------- -------------------------------------
1 Details of the person discharging managerial responsibilities
a) Name David Wilkinson
------------------------ ---------------------------------------
2 Reason for the notification
-----------------------------------------------------------------
a) Position/status Interim CFO and Non-Executive Director
------------------------ ---------------------------------------
b) Initial notification/ Initial notification
Amendment
------------------------ ---------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------
a) Name Saietta Group PLC
------------------------ ---------------------------------------
b) LEI 213800OOUPLXQIFOO462
------------------------ ---------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-----------------------------------------------------------------
a) Description of Ordinary shares of GBP0.0011 each
the financial
instrument
------------------------ ---------------------------------------
b) Identification GB00BNDM6X87
code of the Financial
Instrument
------------------------ ---------------------------------------
c) Nature of the Purchase of shares
transaction
------------------------ ---------------------------------------
d) Price(s) and Price(s) Volume(s)
volume(s) 17 pence 58,824
----------
------------------------ ---------------------------------------
e) Aggregated information: Not applicable - single transaction
volume, Price
------------------------ ---------------------------------------
f) Date of the transaction 27 November 2023
------------------------ ---------------------------------------
g) Place of the Off market
transaction
------------------------ ---------------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Devyani Vaishampayan
------------------------- -------------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Non Executive Director
------------------------- -------------------------------------
b) Initial notification/ Initial notification
Amendment
------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name Saietta Group PLC
------------------------- -------------------------------------
b) LEI 213800OOUPLXQIFOO462
------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
----------------------------------------------------------------
a) Description of Ordinary shares of GBP0.0011 each
the financial
instrument
------------------------- -------------------------------------
b) Identification GB00BNDM6X87
code of the Financial
Instrument
------------------------- -------------------------------------
c) Nature of the Purchase of shares
transaction
------------------------- -------------------------------------
d) Price(s) and Price(s) Volume(s)
volume(s) 17 pence 117,647
----------
------------------------- -------------------------------------
e) Aggregated information: Not applicable - single transaction
volume, Price
------------------------- -------------------------------------
f) Date of the transaction 27 November 2023
------------------------- -------------------------------------
g) Place of the Off market
transaction
------------------------- -------------------------------------
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END
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