Update

RNS Number : 7001H

Windar Photonics PLC

28 November 2022

 

Windar Photonics plc

("Windar" or the "Company")

Update

Windar Photonics plc (AIM: WPHO), the technology group that has developed a cost efficient and innovative LiDAR wind sensor for use on electricity generating wind turbines, is pleased to confirm that, following the publication of the Company's final results for the year ended 31 December 2021 (the "2021 Accounts") and the interim accounts for the six months to 30 June 2022 (the "Interim Accounts") on 25 November 2022, the suspension of the Company's shares from trading on AIM has been lifted.

Further, following the approval of Shareholders at the General Meeting of the Company held on 25 November 2022, the Company has conditionally issued 12,160,920 new Ordinary Shares (the "Placing Shares") at a price of 15 pence per Placing Share (the "Issue Price"). The Placing Shares will be issued credited as fully paid and will rank pari passu in all respects with the Company's existing Ordinary Shares.

Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that trading will commence at 8.00 a.m. on 1 December 2022. The total issued share capital of the Company, as increased by the Placing Shares, immediately following Admission will be 66,756,444 Ordinary Shares.

As previously announced, Johan Blach Petersen, Jorgen Korsgaard Jensen and Paul Hodges (each Directors of the Company) have indicated their intention to subscribe for 413,333 Placing Shares, 666,667 Placing Shares and 400,000 Placing Shares respectively at the Issue Price as soon as they are able and are no longer considered to be in a MAR Closed Period. Further announcements will be made in due course.

Jørgen Korsgaard Jensen, Chief Executive Officer of Windar, commented:

"I am very pleased to have completed the capital raise at an issue price of 15p per share, and I would like to thank existing and new Shareholders for their support. The proceeds of the capital raise will be put to use for working capital purposes and will ensure the Company has a strong financial position to facilitate the delivery of the order book to customers, which in 2022 has been further enhanced by the global increase in cost of energy, whereby the value of our proposition and our product offerings increases. The main benefit from the product offerings is to increase power generation from new and existing wind turbines, and at the same time, positively contribute to a more worldwide sustainable green power generation transformation in the future." 

For further information, please contact:

Windar Photonics plc
Jørgen Korsgaard Jensen, CEO	Tel:  [phone]
Cenkos Securities plc (Nomad & Broker)
Neil McDonald / Pete Lynch	Tel:  [phone]

Notes to Editors:

Windar Photonics is a technology group that develops cost-efficient and innovative Light Detection and Ranging ("LiDAR") optimisation systems for use on electricity generating wind turbines. LiDAR wind sensors in general are designed to remotely measure wind speed and direction.

http://investor.windarphotonics.com

 

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