Issue of Equity to Directors

RNS Number : 4783Y

Strat Aero PLC

05 December 2017

 

Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services

5 December 2017

Strat Aero plc ("Strat Aero", the "Company" or the "Group")

Issue of Equity  to Directors

Strat Aero plc, an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle ('UAV') sector, announces, further to the placing announcement released at 7.00 a.m. this morning ("the Placing"), certain Directors of the Company have agreed to apply certain outstanding compensation and expenses accrued during 2017 for the subscription of equity on the same terms as the Placing.

New Shares

The Board has agreed that a total of 42,857,143 ordinary shares of 0.01 pence each in the capital of the Company (the "New Shares") will be issued at a price of 0.035p per New Share (being the recently announced "Placing Price") to Iain McLure, the Company's Chief Executive Officer.  In addition, the Board has agreed that a total of 42,857,143 New Shares will be issued at the Placing Price to Paul Ryan, Non-Executive Director.

For the avoidance of doubt these New Shares are in addition to the recently announced placing for £590,000 (before costs).

Following the issue of the New Shares, Iain McLure and Paul Ryan will have a beneficial interest in 142,857,143 ordinary shares of 0.01 pence each (representing 3.75% of the issued share capital and total voting rights of the Company) and in 153,257,143 ordinary shares of 0.01 pence each (representing 4.02% of the issued share capital and total voting rights of the Company) respectively.

Director Dealings and Related Party Transaction

Iain McLure and Paul Ryan are considered to be "related parties" as defined under the AIM Rules and accordingly, the issue of New Shares to them constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules.

The directors independent of the transaction, being Graham Peck and Gerrard Dempsey, having consulted with the Company's nominated adviser, SP Angel Corporate Finance LLP, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

Details of the New Shares

Application will be made for the New Shares, which will rank pari passu with the existing shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence in the New Shares on or around 11 December 2017.

Total Voting Rights

Following the issue of the New Shares, the issued share capital of the Company will consist of 3,809,903,314 Shares. No Shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 3,809,903,314.

The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

- ENDS -

For further information please visit www.strat-aero.com or contact:

	Strat Aero plc			Tel: [phone]
	Graham Peck (Chairman)
	SP Angel Corporate Finance LLP			Tel: [phone]
	Nominated Adviser and Joint Broker
	Stuart Gledhill Jeff Keating Caroline Rowe
	Peterhouse Corporate Finance			Tel: [phone]
	Lucy Williams
	Elliot Hance
	St Brides Partners Ltd			Tel: [phone]
	Financial PR Susie Geliher Frank Buhagiar
1.		Details of the person discharging managerial responsibilities/person closely associated
a)		Name:	Iain McLure
2.		Reason for the notification
a)		Position/status:	Chief Executive Officer
b)		Initial notification/Amendment:	Initial notification
3.		Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)		Name:	Strat Aero plc
b)		LEI:	213800VR2P5DDQHYZO48
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 0.01 pence each GB00BQQPLG38
b)		Nature of the transaction:	Issue of shares in lieu of salary
c)		Price(s) and volume(s):	Issue of shares Price(s) Volume(s)  0.035 pence 42,857,143
d)		Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Issue of shares Price(s) Volume(s) 0.035 pence 42,857,143
e)		Date of the transaction:	5 December 2017 16:00 GMT
f)		Place of the transaction:	Outside a trading venue

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name:	Paul Ryan
2.	Reason for the notification
a)	Position/status:	Non-Executive Director
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Strat Aero plc
b)	LEI:	213800VR2P5DDQHYZO48
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 0.01 pence each GB00BQQPLG38
b)	Nature of the transaction:	Issue of shares in lieu of salary
c)	Price(s) and volume(s):	Issue of shares Price(s) Volume(s) 0.035 pence 42,857,143
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above  Issue of shares Price(s) Volume(s) 0.035 pence 42,857,143
e)	Date of the transaction:	5 December 2017 16:00 GMT
f)	Place of the transaction:	Outside a trading venue

 

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