Result of General Meeting and Management Update
Cyan Holdings plc
("Cyan" or the "Company")
Result of General Meeting & Update on Senior Management
· Result of General Meeting
· Geoff Sarney appointed Cyan Special Advisor (Strategy)
Cyan Holdings plc (AIM:CYAN.L), the integrated system design company delivering wireless solutions for lighting control and utility metering, today makes the following announcements:
1 Result of General Meeting
The Board of Cyan is pleased to announce that at the Company's General Meeting held earlier today all of the resolutions were duly passed, including the approval of the placings of 602,730,000 new ordinary shares at 0.35 pence per ordinary share to raise approximately GBP2.1 million before expenses (the "Placings") and the issue of warrants to subscribe for up to a further 301,365,000 New Ordinary Shares at 0.5 pence per ordinary share.
Full details of the Placings were set out in a circular sent to shareholders on 16 July 2012. Application has been made for a total of 604,944,286 new ordinary shares issued pursuant to the Placing as well as shares issued for payment of advisor's fees, to be admitted to trading on AIM. Admission and dealing is expected to occur at 8.00 a.m. on 6 August 2012.
Following the admission of the 604,944,286 ordinary shares on 6 August 2012 the Company's total issued share capital will be 2,271,956,634 ordinary shares of 0.01p each. This figure (2,271,956,634 ordinary shares) 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, the Company under the Disclosure and Transparency Rules.
2 Geoff Sarney, change of role to Cyan Special Advisor (Strategy)
Geoff Sarney, previously VP Strategy, will now be carrying out a different role for the Company. For the past few months Geoff has been working on positioning Cyan within a global consortium which aims to provide an eco-system Machine-2-Machine ("M2M") solution to utilities worldwide. The consortium has now approached Geoff to head up this group on a full time basis. The members of the consortium have not yet been publicly revealed, but will include Tier 1 international companies.
Cyan has agreed that Geoff will lead this consortium and at the same time become Special Advisor to the Company, where he will continue to establish the entity and relationship of Cyan within the grouping. In addition, Geoff will help to promote Cyan to contacts in the Smart Metering, M2M & Utility sectors as well as assisting Cyan with business development in China. Geoff being externally focussed working on the consortium adds additional value to Cyan by helping with the strategic direction, customer identification and product road map for the M2M market (forecast by ABI Research to be US$10B by 2016). It is anticipated that it will be a few months to complete the setup of this consortium.
Geoff Sarney, Special Advisor to Cyan, commented: "I recognise the significant role that Cyan can play going forward in this consortium and am very impressed with the low power, low cost advantage that Cyan has developed and already deployed with customers. The wireless mesh network Cyan has is clearly superior to others. I look forward to continuing to work with Cyan on an ongoing basis as head of the consortium, helping the Company to deepen its relationships in the metering sector as well as broadening into substantial new markets."
John Cronin, Executive Chairman of Cyan added: "We are delighted that both Geoff and Cyan are been recognised as industry leaders in what is becoming a sought after sector. The contribution Cyan is making to ensuring that all utilities collect payment from their customers and at the same time assist in households and offices to manage their energy usage efficiently whilst helping reduce carbon emissions is very worthwhile. I am very pleased in particular for Geoff as this proves that his knowledge and experience are at the forefront of the M2M evolution."
Enquiries:
|
Cyan Holdings plc |
|
|
John Cronin, Chairman
|
Tel: +44 (0) 1954 234 400 |
|
Cenkos Securities plc NOMAD and Joint Broker |
|
|
Stephen Keys / Adrian Hargrave
XCAP Securities plc Joint Broker Jon Belliss / Adrian Kirk
|
Tel: +44 (0) 20 7397 8900
Tel: +44 (0) 20 7101 7070 |
|
Newgate Threadneedle Financial PR |
|
|
Caroline Evans-Jones / Guy McDougall |
Tel: +44(0) 20 7653 9850 |
About Cyan
Cyan is an integrated system design and software company delivering mesh based flexible wireless solutions for utility metering and lighting control. The Company has been listed on London's Alternative Investment Market (AIM) since 2005. Cyan's headquarters are in Swavesey, Cambridge, UK. For more information, please visit www.cyantechnology.com.
CyLec
Cyan's CyLec technology provides a complete control and communication network including user interface. CyLec offers point-to-point and mesh network solutions for metering applications. CyLec is a trademark of Cyan Technology Ltd.
CyLux
Cyan's CyLux technology provides a complete control and communications network including user interface. CyLux is a control system allowing lighting manufacturers to build and sell RF controlled street and tunnel lighting. CyLux is a trademark of Cyan Technology Ltd.
This information is provided by RNS
Latest directors dealings
- 13 minutes ago City of London Investment Group
- 20 minutes ago BioPharma Credit
- 24 minutes ago BioPharma Credit
- 25 minutes ago Diageo
- 29 minutes ago Barr (A.G.)