TIDMPRES
RNS Number : 0216H
Pressure Technologies PLC
01 December 2020
THIS ANNOUNCEMENT, INCLUDING 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, THE REPUBLIC OF
IRELAND, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR
ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION
OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. PLEASE
SEE THE IMPORTANT NOTICES AT THE OF THIS ANNOUNCEMENT AND AT THE
START OF THE APPIX.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN PRESSURE TECHNOLOGIES PLC OR ANY
OTHER ENTITY IN ANY JURISDICTION. NEITHER THIS ANNOUNCEMENT NOR THE
FACT OF ITS DISTRIBUTION, SHALL FORM THE BASIS OF, OR BE RELIED ON
IN CONNECTION WITH ANY INVESTMENT DECISION IN RESPECT OF PRESSURE
TECHNOLOGIES PLC.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES
OF ARTICLE 7 OF EU REGULATION 596/2014 ("MAR"). UPON THE
PUBLICATION OF THIS ANNOUNCEMENT VIA THE REGULATORY INFORMATION
SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE
PUBLIC DOMAIN.
Pressure Technologies plc
("Pressure Technologies" or the "Company")
Result of Placing and PrimaryBid Offer
Pressure Technologies plc, (AIM: PRES), the specialist
engineering group, is pleased to confirm, further to the
announcements made yesterday regarding the proposed Placing and
PrimaryBid Offer, that the Bookbuilding Process has now closed and
the Company has conditionally raised gross proceeds of
approximately GBP7.5 million (before expenses) through the Placing
of 11,666,667 new Ordinary Shares (the "Placing Shares") and
subscriptions for a further 805,331 new Ordinary Shares through the
PrimaryBid Offer (the "PrimaryBid Shares"), in each case at the
Issue Price of 60 pence per share, with certain existing
Shareholders and new investors. The Issue Price of 60 pence
represents a 4.00 per cent. discount to the Closing Price of 62.5
pence on 27 November 2020, the last business day before the
announcement of the Placing.
The Placing Shares and PrimaryBid Shares, once issued, will
together represent approximately 40 per cent. of the enlarged share
capital of the Company.
The Placing is conditional upon the Placing Resolutions being
duly passed by Shareholders at the General Meeting.
The Circular containing, amongst other things, the notice of the
General Meeting is expected to be published by the Company by no
later than 1 December 2020.
Commenting, Chris Walters, Chief Executive of Pressure
Technologies plc said:
"We are grateful for the strong support of our shareholders and
new investors, demonstrated through this successful fundraising.
The investment provides us with the resources to capitalise on
exciting opportunities in the hydrogen energy market and to
accelerate growth in our Integrity Management services business.
The now stronger balance sheet will provide resilience through
tough oil and gas trading conditions, strength in the development
of partnerships and the negotiation of major contracts and
flexibility to take advantage of emerging opportunities."
Directors' participation in the Fundraising
All of the Directors have agreed to subscribe for Placing Shares
at the Issue Price. The number of Placing
Shares subscribed for by each of these Directors pursuant to the Placing, and their resulting
shareholdings on Admission, are set out below:
Director Number Number of Number of Percentage
of Existing new Ordinary Ordinary of enlarged
Ordinary Shares subscribed Shares held share capital
Shares for in the on Admission on Admission
Placing
Sir Roy Gardner 160,000 166,667.0 326,666 1.05%
Chris Walters 18,000 66,667.0 84,666 0.27%
Mike Butterworth 0 50,000.0 50,000 0.16%
Tim Cooper 0 11,667.0 11,667 0.04%
Brian Newman 10,000 20,000.0 30,000 0.10%
Substantial Shareholders' participation in the Fundraising
The substantial shareholders noted below (together the
"Substantial Shareholders"), have agreed to subscribe for Placing
Shares at the Issue Price. The number of Placing Shares subscribed
for by the Substantial Shareholders pursuant to the Placing, and
their resulting shareholdings on Admission, are set out below:
Substantial Shareholder Number of Number of Number of Percentage
Existing new Ordinary Ordinary of enlarged
Ordinary Shares subscribed Shares held share capital
Shares for in the on Admission on Admission
Placing
Gresham House Asset
Management Limited 3,650,000 2,067,535 5,717,535 18.40
Related Party Transactions
The participations by the Directors and Gresham House Asset
Management Limited in the Placing are deemed to be related party
transactions pursuant to rule 13 of the AIM Rules for Companies.
The Company's Nominated Adviser, N+1 Singer, confirms the terms of
these transactions are fair and reasonable insofar as Shareholders
are concerned.
Admission and dealings
Application will be made to the London Stock Exchange for the
12,471,998 New Ordinary Shares to be admitted to trading on AIM. It
is expected that Admission will occur and dealings will commence on
18 December 2020 at 8.00 a.m. (or such later date as N+1 Singer and
the Company may agree). The Placing and PrimaryBid Offer are
conditional upon, amongst other things, Admission becoming
effective. The Placing and PrimaryBid Offer are also conditional on
the Placing Agreement between the Company and N+1 Singer not being
terminated in accordance with its terms prior to Admission.
Total Voting Rights
Following Admission, the Company will have 31,067,163 Ordinary
Shares in issue. Therefore, the Company hereby confirms that the
total number of voting rights in the Company will, following
Admission, be 31,067,163. 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 under the FCA's Disclosure
Guidance and Transparency Rules.
Pressure Technologies plc Tel: 0114 257 3616
Chris Walters, Chief Executive PressureTechnologies@houston.co.uk
N+1 Singer (Nomad and Broker) Tel: 0207 496 3000
Mark Taylor / Carlo Spingardi
Houston (Financial PR and Investor Tel: 0204 529 0549
Relations)
Kate Hoare / Anushka Mathew /
Ben Robinson
Definitions
Capitalised terms used in this announcement shall, unless
defined in this announcement or unless the context provides
otherwise, bear the same meaning ascribed to such terms in the
announcement made by the Company on 30 November 2020 at 4:35 p.m.
to announce the launch of the Placing.
In this document, references to "GBP", "pence" and "p" are to
the lawful currency of the United Kingdom. All times referred to in
this document are, unless otherwise stated, references to London
time.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
a) Name Sir Roy Gardner
------------------------------ --------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Chairman
------------------------------ --------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------ --------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name Pressure Technologies plc
------------------------------ --------------------------------
b) LEI 213800PTKN1VDP2DIN05
------------------------------ --------------------------------
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 the financial Ordinary shares of 5 pence each
instrument, type of
instrument GB00B1XFKR57
Identification code
------------------------------ --------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
------------------------------ --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
60 pence 166,667
----------
------------------------------ --------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------ --------------------------------
e) Date of the transaction 30 November 2020
------------------------------ --------------------------------
f) Place of the transaction Off market transaction
------------------------------ --------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Chris Walters
------------------------------ --------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status CEO
------------------------------ --------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------ --------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------
a) Name Pressure Technologies plc
------------------------------ --------------------------------
b) LEI 213800PTKN1VDP2DIN05
------------------------------ --------------------------------
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 the financial Ordinary shares of 5 pence each
instrument, type of
instrument GB00B1XFKR57
Identification code
------------------------------ --------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
------------------------------ --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
60 pence 66,667
----------
------------------------------ --------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------ --------------------------------
e) Date of the transaction 30 November 2020
------------------------------ --------------------------------
f) Place of the transaction Off market transaction
------------------------------ --------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Brian Newman
------------------------------ --------------------------------
2 Reason for the notification
----------------------------------------------------------------
a) Position/status Senior 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 Pressure Technologies plc
------------------------------ --------------------------------
b) LEI 213800PTKN1VDP2DIN05
------------------------------ --------------------------------
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 the financial Ordinary shares of 5 pence each
instrument, type of
instrument GB00B1XFKR57
Identification code
------------------------------ --------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
------------------------------ --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
60 pence 20,000
----------
------------------------------ --------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------ --------------------------------
e) Date of the transaction 30 November 2020
------------------------------ --------------------------------
f) Place of the transaction Off market transaction
------------------------------ --------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Mike Butterworth
------------------------------ --------------------------------
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 Pressure Technologies plc
------------------------------ --------------------------------
b) LEI 213800PTKN1VDP2DIN05
------------------------------ --------------------------------
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 the financial Ordinary shares of 5 pence each
instrument, type of
instrument GB00B1XFKR57
Identification code
------------------------------ --------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
------------------------------ --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
60 pence 50,000
----------
------------------------------ --------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------ --------------------------------
e) Date of the transaction 30 November 2020
------------------------------ --------------------------------
f) Place of the transaction Off market transaction
------------------------------ --------------------------------
1 Details of the person discharging managerial responsibilities
a) Name Tim Cooper
------------------------------ --------------------------------
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 Pressure Technologies plc
------------------------------ --------------------------------
b) LEI 213800PTKN1VDP2DIN05
------------------------------ --------------------------------
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 the financial Ordinary shares of 5 pence each
instrument, type of
instrument GB00B1XFKR57
Identification code
------------------------------ --------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
------------------------------ --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
60 pence 11,667
----------
------------------------------ --------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
------------------------------ --------------------------------
e) Date of the transaction 30 November 2020
------------------------------ --------------------------------
f) Place of the transaction Off market transaction
------------------------------ --------------------------------
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END
ROIEADFEDADEFAA
(END) Dow Jones Newswires
December 01, 2020 02:00 ET (07:00 GMT)
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