Partial Conversion of Promissory Note

RNS Number : 4580S

Strat Aero PLC

17 March 2016

 

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

17 March 2016

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

Partial Conversion of Promissory Note

Strat Aero plc, the AIM quoted international aerospace company focused on the Unmanned Aerial Vehicle ('UAV') sector, announces that it has received valid notice for the partial conversion of the Convertible Promissory Note issued as part of the consideration paid for the acquisition of Aero Kinetics which was  announced on 11 December 2015.

Notice has been received to convert US$390,000 of the Convertible Promissory Note at six pence per Strat Aero ordinary share into 4,575,209 new ordinary shares in Strat Aero. Following conversion, US$385,000 of the Convertible Promissory Note will remain outstanding.  

Application will be made for the new ordinary shares, which will rank pari passu with the existing ordinary shares in the Company, to be admitted to trading on AIM ('Admission').  It is expected that Admission will become effective and dealings will commence at 7:00 a.m. on 23 March 2016.

Following conversion and issue of the new ordinary shares, as described above, the issued share capital of the Company will comprise 146,638,980 Ordinary Shares.  No shares were held in treasury at the date of this announcement.  The total current voting rights in the Company are therefore 146,638,980, 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.

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Enquiries:

Strat Aero plc	Tel: [phone]
Tony Dunleavy (Chief Executive)
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
St Brides Partners Ltd	Tel: [phone]
Financial PR Frank Buhagiar Susie Geliher

Notes

Strat Aero plc is a multi-divisional international aerospace services company, focussed 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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