Results of Oversubscribed Open Offer

RNS Number : 2966B

AB Dynamics PLC

06 June 2019

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE EU MARKET ABUSE REGULATION (596/2014). UPON THE PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

6 June 2019

AB Dynamics plc

("AB Dynamics", the "Company" or the "Group")

Results of Oversubscribed Open Offer

AB Dynamics (AIM: ABDP), the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive market, is pleased to announce that further to the announcement of the Open Offer on 20 May 2019, it has conditionally raised total gross proceeds of £5.0 million via the Open Offer.

The Open Offer closed for receipt of applications at 11.00 a.m. on 5 June 2019 and the Company is pleased to confirm that it was heavily oversubscribed. The Company received valid applications from Qualifying Shareholders in respect of 1,518,643 Open Offer Shares. This represents 667.5 per cent. of the maximum of 227,500 Open Offer Shares available under the Open Offer. Admission of the Open Offer shares is subject to passing the relevant resolutions at the General Meeting.

Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement. Applications for New Ordinary Shares under the Excess Application Facility will be scaled back as outlined in the Circular.

Application has been made to the London Stock Exchange for the New Shares to be admitted to trading on AIM. On the assumption that, amongst other things, Resolution 1 is passed by Shareholders at the General Meeting, it is expected that Admission will become effective and that dealings in the New Shares will commence at 8.00 a.m. on 7 June 2019 (being the business day following the General Meeting).

For the purposes of the FCA's Disclosure Guidance and Transparency Rules (DTR), the Company's total voting rights as from the date of Admission will be 21,956,736 Ordinary Shares.

PDMR Participation

The Company confirms that the following PDMR participated in the Open Offer, pari passu with other applicants under the Open Offer.

PDMR	Existing holding of Ordinary Shares	Total Open Offer Shares applied for under Basic Entitlement	Total Open Offer Shares applied for under Excess Application Facility	Holding  of Ordinary Shares immediately following admission of  the Open Offer Shares	% of Enlarged Issued Share Capital
Colin Martin	20,700	239	0	20,939	0.095%

Unless otherwise defined herein, capitalised terms used in this announcement shall have the same meanings as defined in the circular sent to shareholders of the Company on 20 May 2019.

The person responsible for arranging the release of this information is Dr James Routh, CEO of the Company.

Enquires:

AB Dynamics plc	01225 860 200
Tony Best, Non-Executive Chairman
Dr James Routh, Chief Executive Officer
Mat Hubbard, Chief Technology Officer
Rob Hart, Chief Financial Officer
Cantor Fitzgerald Europe (Financial Adviser and Sole Bookrunner)	0207 894 7000
Phil Davies, David Foreman (Corporate Finance) Caspar Shand Kydd, Keith Dowsing, Arthur Gordon (Equity Sales)
Cairn Financial Advisers (Nomad)	0207 213 0880
Tony Rawlinson Liam Murray Richard Nash
Tulchan Communications	0207 353 4200
James Macey White
Matt Low
Deborah Roney

Overview of AB Dynamics plc

AB Dynamics is a leading designer, manufacturer and provider of advanced products for testing of Advanced Driver Assistance Systems ("ADAS") technology, autonomous vehicle development and vehicle dynamics to the global automotive research and development sector.

The Group is headquartered in Bradford-on-Avon, UK, employing approximately 187 staff.  AB Dynamics currently supplies all the top automotive manufacturers, Tier 1 suppliers and service providers, who routinely use the Group's products to test vehicle safety and dynamics.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Colin Martin
2	Reason for the notification
a)	Position/status	Director of Anthony Best Dynamics Ltd
b)	Initial notification  / Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	AB Dynamics plc
b)	LEI	213800OFXZP4A7I47K43
4	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument, type of instrument Identification code:	Ordinary Shares of 1 pence each ISIN: GB00B9GQVG73
b)	Nature of the transaction	Purchase of shares pursuant to the Open Offer
c)	Price(s) and volume(s)	2200 pence 239 Ordinary Shares of 1 pence each
d)	Aggregated information	2200 pence 239 Ordinary Shares of 1 pence each
e)	Date of the transaction	5 June 2019
f)	Place of the transaction	London Stock Exchange

 

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