Silver Bullet Data Services Group plc (LON:SBDS), a provider of digital transformation services and products, has announced that the Company has raised gross proceeds of £1.0 million through a placing of 1,428,571 new ordinary shares of 1 pence each in the Company at a price of 70 pence per share. The Placing Shares equate to approximately 8.95% of the Company’s currently issued share capital and the Placing Price represents a 27.2% premium to the 6-month VWAP and a 18.4% discount to the 3-month VWAP.
The net proceeds of the Placing will be principally used to provide the working capital required to facilitate the significant recent growth in new contract wins and further accelerate the expansion of the Company’s new 4D AI Powered Insights Platform. As announced at its recent interim results, Silver Bullet Data Services has experienced strong revenue growth this year, with revenue having increased by 79% and overall operating costs reduced by 8% in H1 2023 versus H1 2022, as it moves towards a position of positive EBITDA in early FY24. The Company is witnessing significant demand for the AI-driven insight capabilities the 4D AI Platform can provide, with clients increasingly seeking innovative ways to utilise AI in conjunction with privacy-safe data assets to drive marketing performance and ROI.
Appointment of Joint Broker
CMC Markets UK Plc acted as the Company’s sole placing agent in respect of the Placing and has been appointed as joint broker to the Company. Brokers and investors wishing to gain access to future CMC Markets transactions, should register their interest at: https://www.cmcmarkets.com/en-gb/capx.
Admission and Total Voting Rights
The Placing has been conducted utilising the Company’s existing share authorities. The Placing Shares will rank pari passu in all respects with the Company’s existing Ordinary Shares. The Placing Agreement includes customary terms and conditions. The Placing is conditional, inter alia, on there being no breach of the obligations under the Placing Agreement entered into between CMC Markets and the Company prior to admission of the Placing Shares to trading on AIM becoming effective. Application will be made for Admission of the Placing Shares, and it is expected that Admission will become effective and that dealings in the Placing Shares on AIM will commence on or around 4 December 2023.
On Admission, Silver Bullet Data Services’ issued share capital will consist of 17,390,768 Ordinary Shares, each with one voting right. Therefore, the Company’s total number of Ordinary Shares and voting rights will be 17,390,768 and, as the Company does not hold any shares in Treasury, 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 share capital of the Company following Admission under the FCA’s Disclosure Guidance and Transparency Rules.
