CyanConnode Holdings (LON:CYAN), a world leader in narrowband radio frequency (“RF“) mesh networks, has announced that, further to its announcement on 9 September 2024, it has successfully completed a Placing of 20,204,063 new Ordinary Shares by way of an accelerated bookbuild, which is now closed, and a Subscription of 39,611,109 New Ordinary Shares. Certain of the Company’s Directors (as detailed below) participated in the Fundraising. Capitalised terms used but not defined in this Announcement shall have the meanings given to such terms in the Launch Announcement unless indicated otherwise.
The Fundraising, which was oversubscribed, raised, in aggregate, approximately £5.4 million (before expenses), at an Issue Price of 9 pence per new Ordinary Share, reflecting a 17.6 per cent premium to the closing price on 6 September 2024, being the last business day prior to the Launch Announcement.
Related Party Transactions and Directors’ Dealings
Pursuant to the Fundraising and further to the Launch Announcement, John Cronin and David Johns-Powell (via the Subscription) and Heather Peacock (via the Placing), each being a Director of the Company, have subscribed for New Ordinary Shares for a total amount of £295,000 as follows:
| Director | Role | Number of new Ordinary Shares subscribed for in the Fundraising | No. of Ordinary Shares held post-Admission | % of enlarged share capital |
| John Cronin | Executive Chairman | 555,555 | 7,074,403 | 1.97% |
| Heather Peacock | CFO and Company Secretary | 222,222 | 1,491,468 | 0.42% |
| David Johns-Powell | Non-Executive Director | 2,500,000 | 19,621,561 | 5.47% |
John Cronin, Heather Peacock and David Johns-Powell, as Directors of the Company, are classified as related parties under the AIM Rules for Companies and their participation in the Fundraising constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies.
Premier Miton Group plc (LON:PMI) has participated for 5,555,555 New Ordinary Shares (via the Placing). Premier Miton, by virtue of it holding more than 10 per cent. of the existing issued share capital of the Company, is classified as a related party under the AIM Rules for Companies and its participation in the Fundraising constitutes a related party transaction pursuant to Rule 13 of the AIM Rules for Companies.
Accordingly, Peter Tyler and Björn Lindblom, being the independent Directors for the purpose of the above related party transaction, consider, having consulted with the Company’s nominated adviser, Strand Hanson, that the terms of the above-named Directors’ and Premier Miton’s participations in the Fundraising are fair and reasonable insofar as the Company’s shareholders are concerned.
Admission to trading on AIM
Application will be made to the London Stock Exchange for admission of the New Ordinary Shares to be issued pursuant to the Placing and the Subscription to trading on AIM.
As detailed in the Launch Announcement, it is expected that settlement for and admission of the New Ordinary Shares to trading on AIM is expected to take place on or before 8.00 a.m. on 12 September 2024 (or such later date as the Company, Panmure Liberum, Zeus and Strand Hanson may agree, but in any event not later than 8.00 a.m. on 18 October 2024).
Total voting rights
Following Admission, the Company will have 358,891,036 Ordinary Shares in issue. The Company holds no Ordinary Shares in treasury. This figure may be used by the Company’s 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.
John Cronin, Executive Chairman, CyanConnode, commented:
“CyanConnode has recently secured a substantial new order for 6.5 million Omnimesh modules, bringing its total cumulative order book to 13.1 million modules. Additionally, the Company is engaged in several R&D projects aimed at enhancing its product suite to strengthen its competitive edge.
I am pleased to have successfully completed this oversubscribed fundraising at a premium to the closing market price on the last business day before the launch announcement. On behalf of the Board, I would like to extend a warm welcome to our new investors and express our appreciation to existing shareholders for their continued support in this fundraising.”
