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Windar Photonics PLC - Issue of Equity & Trading Update

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 £495,000 (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 £0.4 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

Jørgen Korsgaard Jensen, CEO

Tel:  +45 21689476



Cenkos Securities plc (Nomad & Broker)

Neil McDonald / Pete Lynch

Tel:  0131 220 6939

 

 

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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Market: AIM
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