General Meeting Results
08 September 2014
Further Issue of Equity
Image Scan Holdings PLC, (AIM: IGE) is pleased to announce that all resolutions proposed at the General Meeting held today were duly passed.
Accordingly, 34,400,000 new ordinary shares of 1 pence each in the Company (“Ordinary Shares”) will be admitted to trading on the AIM Market of the London Stock Exchange (“AIM”) on 9 September 2014 (“Admission”). The new Ordinary Shares will rank pari passu with the existing Ordinary Shares in issue. Following Admission, the Company’s total issued share capital will comprise 114,604,577 Ordinary Shares. This number may be used by shareholders in the Company 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 the Company under the FCA’s Disclosure and Transparency Rules.
Additionally, the Directors are pleased to announce the issue of a further 11,000,000 new Ordinary Shares to Rise Step International Development Ltd (“Rise Step”) at a price of 2 pence per Ordinary Share, raising £220,000. Rise Step is the Company’s largest shareholder, and as such is deemed to be a related party of the Company and its subscription for 11,000,000 new Ordinary Shares being a related party transaction under the AIM Rules. The independent Directors consider, having consulted with Cantor Fitzgerald Europe, the Company’s nominated adviser, that the terms of Rise Step’s subscription is fair and reasonable in so far as shareholders are concerned. Rise Step was previously not in a position to participate in the placing and subscription announced on 14 August 2014. Following the issuance of these new Ordinary Shares Rise Step will hold an aggregate of 30,873,331 Ordinary Shares, representing approximately 24.58% of the Company’s share capital as enlarged by the issue.
Application will be made in due course for the new Ordinary Shares to Rise Step to be admitted to trading on AIM, which is expected to occur on or around the 22nd of September 2014. Again, the new Ordinary Shares will rank pari passu with the existing Ordinary Shares. Following admission, the Company’s total issued share capital will comprise 125,604,577 Ordinary Shares.
Bill Mawer, Chairman and Chief Executive Officer of Image Scan, commented: “I am pleased that Rise Step has further invested in the Company. When added to the funds already raised this gives us further scope to implement much needed product development, and to extend our geographical sales activity. We are testing new X-ray detector panels and our plans to develop a new range of check point x-ray systems are firming up. In addition, we are well advanced in development of a new sales channel for North and South America.
“As I said at the time of the interim results, we saw some sales growth in our core portable x-ray market in the first half of the year but the growth in the short term future depended on the supply of a newly developed replacement portable x-ray generator. I can now report 5 such units are currently undergoing acceptance testing. These should stand us in good stead in the new financial year.”