# CyanConnode share price rises as oversubscribed placing raises £2.0 million (LON:CYAN)

- Link: https://www.directorstalkinterviews.com/cyanconnode-share-price-rises-as-oversubscribed-placing-raises-2.0-million-loncyan/4121058329
- Published: 2022-03-25T11:31:51+00:00
- Author: Giles

**[CyanConnode Holdings](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l)
plc** ([LON:CYAN](https://www.directorstalkinterviews.com/company/cyanconnode-holdings-plc/cyan.l)),
a world leader in narrowband radio frequency (RF) smart mesh networks, has announced
that, further to its [announcement at 7.00 a.m. today](https://www.directorstalkinterviews.com/cyanconnode-proposed-placing-and-subscription-to-raise-approximately-2-million/4121058280),
it has successfully completed a placing of new Ordinary Shares, by way of an accelerated
bookbuild, which is now closed, and a subscription of new Ordinary Shares. The Placing
was oversubscribed.

[CyanConnode share price](https://www.directorstalkinterviews.com/cyanconnode-holdings-plc/cyan.l)
rose over 19% on the news.

The Fundraising raised, in aggregate, £2.0 million (before expenses) through the
placing of 14,285,718 new Ordinary Shares at an Issue Price of 14 pence per new 
Ordinary Share. The Issue Price represents a discount of approximately 1.8 per cent.
to the closing market price of 14.25 pence per existing Ordinary Share on 24 March
2022, being the last business day prior to the announcement of the Fundraising.

**Directors’ Dealings**

Pursuant to the Fundraising, John Cronin, Heather Peacock, David Johns-Powell and
Chris Jones, each being a Director of the Company, have participated in the Fundraising
as follows:

| Director | Role | Manner of participation | No. of existing Shares | % of existing Share Capital | Number of Shares subscribed for in Fundraise | No. of Shares held post-admission | % of enlarged Share Capital | 
| John Cronin | Executive Chairman | Subscription | 5,346,464 | 2.41% | 500,000 | 5,846,464 | 2.47% | 
| Heather Peacock | CFO and Company Secretary | Placing | 736,402 | 0.33% | 142,857 | 879,259 | 0.37% | 
| David Johns-Powell | Non-Executive Director | Subscription | 16,117,360 | 7.26% | 357,142 | 16,474,502 | 6.97% | 
| Chris Jones | Non-Executive Director | Subscription | 57,556 | 0.03% | 78,571 | 136,127 | 0.06% |

John Cronin, Heather Peacock, David Johns-Powell and Chris Jones, as Directors of
the Company, are accordingly classified as related parties under the AIM Rules for
Companies and their participation in the Fundraising therefore constitutes a related
party transaction pursuant to Rule 13 of the AIM Rules for Companies.

Accordingly, Peter Tyler, being the independent director, considers, having consulted
with Arden Partners plc, the Company’s Nominated Adviser, that the terms of the 
Directors’ participation in the Fundraising is fair and reasonable insofar as Shareholders
are concerned. 

**Admission to trading on AIM**

Application will be made to the London Stock Exchange for the admission of the new
Ordinary Shares to trading on AIM. It is expected that Admission will become effective
and dealings in the new Ordinary Shares will commence at 8.00 a.m. on or around 
30 March 2022.

**Total voting rights**

Following the Admission, the Company will have 236,309,035 Ordinary Shares in issue.
The Company holds no Ordinary 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 Company
under the FCA’s Disclosure Guidance and Transparency Rules.

_Capitalised terms used but not otherwise defined in this announcement shall have
the same meanings ascribed to such terms in the Company’s announcement at 7.00 a.
m. today unless otherwise specified._

> **John Cronin, Executive Chairman, CyanConnode, commented:**
> “As we have recently announced in our trading update in January, the nine-month
> period to the end of December 2021 has shown record revenues and the full year
> revenues to be our highest to date, showing the continued growth of the Company.
> We expect this growth to continue. The funds raised by this placing allow us to
> maintain momentum and win some of the large opportunities being presented to us
> at this time. On behalf of the Board, I would like to thank all shareholders who
> have participated in this fundraising for their continued support.”

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