Issue of Equity

RNS Number : 7665I

Journeo PLC

03 April 2020

 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

3 April 2020

Journeo plc

("Journeo" or "the Group" or "the Company")

Placing of 513,750 Ordinary Shares to raise £256,875

Journeo plc (AIM: JNEO), the information systems and transport technical services group, is pleased to announce it has raised £256,875 before expenses by way of a placing of 513,750 ordinary shares of 6.5 pence each ("Ordinary Shares") at 50 pence per Ordinary Share (the "Issue Price") (the "Placing Shares") (the "Placing").

The placing was driven by investor interest and the Directors deemed it prudent and sensible at the current time to use their remaining authority to meet the investor interest and strengthen the cash position of the Company.

The Issue Price is equal to the closing middle market price of 50 pence on 2 April 2020. The Placing is not being underwritten and is conditional on admission of the Placing Shares to trading on AIM. The Placing is being conducted pursuant to the existing authorities granted to the Directors of the Company at its general meeting on 2 December 2019. The Placing Shares represent approximately 5.9 per cent. of the Company's issued share capital as enlarged by the Placing Shares.

Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission") and it is expected that such Admission will occur at 8.00 a.m. on 9 April 2020. The Placing Shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of the Placing Shares, respectively and will otherwise be identical to and rank on Admission pari passu in all respects with the existing Ordinary Shares. The Placing Shares are not being made available to the public and are not being offered or sold into any jurisdiction where it would be unlawful to do so.

Following Admission, the Company will have 8,741,250 Ordinary Shares in issue, none of which will be held in treasury.  Accordingly, the total number of voting rights in the Company will be 8,741,250 and shareholders may use this figure 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. 

For further information, please contact:

Journeo plc Russ Singleton/ Nick Lowe	[phone]
WH Ireland  - Nominated Adviser and Broker Mike Coe/ Chris Savidge	[phone]
Communications Portfolio Ariane Comstive	[phone]

Notes to editors:

Journeo plc, formerly 21st Century Technology plc, is the specialist provider of advanced information systems and transit related technical services to towns, cities, and local authorities.  The Company works with many of the UK's largest multinational public transport operators, supporting them towards the creation of smarter-cities.

The business comprises two segments:

· Fleet Systems solutions, including CCTV video surveillance to improve passenger & driver safety, vehicle and driver performance monitoring, real-time on-board IT subsystems management and automatic passenger counting; and

· Passenger Systems solutions, including design, manufacture, installation and management of all the hardware and software for electronic passenger information systems, smart-ticketing and wayfinding.

In the last few years, the Company has invested heavily in research and development, enabling it to design and supply the very best solutions in order to meet customers' complex requirements and the demands of modern public transport.  With an Internet of Things (IoT) approach and open standards, together with field-proven and reliable engineering, Journeo is able to offer flexible and scalable products and services that can integrate with existing technology while preparing for future advancements.

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