Notice of General Meeting

RNS Number : 4885R

Strat Aero PLC

22 September 2017

 

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

22 September 2017

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

Notice of General Meeting

Strat Aero plc, the AIM quoted international aerospace company focused on the Unmanned Aerial Vehicle ("UAV") sector, announces that a General Meeting of the Company will be held at Hill Dickinson, 8th Floor, The Broadgate Tower, 20 Primrose Street, London EC2A 2EW on 17 October 2017 at 10:00 a.m.  The Notice of General Meeting and Forms of Proxy have today been dispatched to shareholders and will be available shortly on the Company's website at www.strat-aero.com. 

The purpose of the General Meeting is to receive and adopt the proposal for a sub-division and re-designation of ordinary shares which will be voted on by shareholders.  Under UK Company Law, new shares cannot be issued at a subscription price which is less than the par value of shares of the same class.  Strat Aero's existing ordinary shares have a par value of 0.1p per share.  As the mid-market closing price of the existing ordinary shares on 21 September 2017 (being the last practicable time prior to the publication of this announcement) was 0.07 pence, the Company is not currently able to raise new equity capital.  The Company anticipates that additional funding will be required in due course.  While the board expects to evaluate various financing options the board considers that the proposed sub-division and re-designation of the ordinary shares will aid financing flexibility. The effective time and date of the sub-division and re-designation of ordinary shares will be 8.00 a.m. on 18 October 2017, subject to shareholder approval.

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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
Beaufort Securities Limited	Tel: [phone]
Joint Broker
Elliot Hance
Cornhill Capital Ltd	Tel: [phone]
Joint Broker
Nick Bealer
St Brides Partners Ltd	Tel: [phone]
Financial PR
Susie Geliher
Frank Buhagiar

Notes

Strat Aero plc is a multi-divisional international aerospace services company, focused primarily on the provision of complete client solutions in the Unmanned Aerial System ('UAS' market), which is predicted to show exponential growth over the coming decade.   Commercial and military applications in UASs are expected to be a dynamic growth sector in the aerospace industry over the next 10 years with the UAS market forecast to grow to more than US$82.1 billion between 2015 and 2025 (AUVSI Economic Report 2013) and the global airborne Intelligence, Surveillance and Reconnaissance ('ISR') market estimated to grow to US$19.23 billion by 2023. 

 

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