?400,000 Placing

RNS Number : 2398U

Water Intelligence PLC

29 November 2013

 



29 November 2013

Water Intelligence plc

("Water Intelligence" or the "Company")

£400,000 Placing

The Board of Water Intelligence is pleased to announce that the Company has conditionally raised £400,000 (gross) through a placing of 930,233 new ordinary shares of £0.01 each ("Ordinary Shares" and the "Placing Shares") with institutional shareholders, through its broker, WH Ireland Limited, at a price of 43 pence per Ordinary Share (the "Placing").

The net proceeds of the Placing are intended to be used to provide the Company with additional capital to finance continued growth, whilst the Placing will also broaden the institutional shareholder base of the Company.

Details of the Placing

Application has been made for the Placing Shares, which will rank pari passu in all respects with the existing Ordinary Shares of the Company, to be admitted to trading on AIM ("Admission"). Admission is expected to be effective from 8.00 am on 4 December 2013.

The Placing is conditional, inter alia, upon Admission becoming effective and the placing agreement entered into between the Company and WH Ireland Limited becoming unconditional in all respects by no later than 8:00 a.m. on 4 December 2013 or such later date, being not later than 8:00 a.m. on 20 December 2013, as the Company and WH Ireland Limited may agree.

Commenting on the Placing, Patrick DeSouza, Executive Chairman of Water Intelligence, said:

"We are all pleased with the progress that Water Intelligence has made over the last couple of years, especially with the consistent top and bottom-line growth of our American Leak Detection franchise business. We are driving towards continued success in building a global brand and believe that this limited issuance coupled with our positive organic results is the right step forward. Demand for our non-invasive, leak detection and remediation solutions is growing steadily. In meeting such demand, we are pleased to also broaden our shareholder support to include additional institutional investors, and we would expect our institutional support to grow further as we deliver results."

Total Voting Rights

Following completion of the Placing, Water Intelligence's issued share capital will consist of 10,567,650 Ordinary Shares with voting rights. Water Intelligence holds no Ordinary Shares in treasury.

Therefore, the total number of shares in issue with voting rights in Water Intelligence will be 10,567,650.

The above figure (10,567,650) may be used by shareholders 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, Water Intelligence under the AIM Disclosure and Transparency Rules.

Enquiries:

Water Intelligence plc
Patrick DeSouza (Executive Chairman)	Tel: [phone]
WH Ireland Limited
Adrian Hadden / James Bavister	Tel: [phone]

 

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