Participation in RMS placing
13 July 2020
Braveheart Investment Group plc
("Braveheart" or "the Group")
£200,000 participation in placing effected by Remote Monitored Systems plc
Braveheart Investment Group (AIM: BRH), is pleased to announce that it has conditionally subscribed for 80,000,000 new ordinary shares of 0.2p nominal value each in Remote Monitored Systems plc ("RMS") at a price of 0.25p per share (the Subscription"). Admission of these new shares to AIM is expected to be on or around 17 July 2020.
As a result of this subscription, Braveheart will increase its holding in RMS to 199,637,590 shares, representing approximately 25.79% of the enlarged issued share capital and total voting rights of RMS. In addition, Braveheart holds 100,000 warrants over new ordinary shares in RMS which are exercisable at a price of 0.5 pence per share. The Subscription will be financed from the existing cash resources of the Company.
RMS is an operating company whose ordinary shares are admitted to trading on AIM. In the year ended 31 December 2019, RMS incurred a loss before taxation of £711,942 and as at that date had net liabilities of £19,250. As at 29 June 2020, the directors of RMS estimated that RMS had net cash of approximately £266,000. Earlier today, RMS announced that it had conditionally placed new shares to the value of £265,000, by the issue of 106,000,000 new shares at a price of 0.25p per share. In addition, RMS is issuing a further 6,950,000 new shares, also at 0.25p per share, in settlement of certain professional fees.
RMS has two trading subsidiaries, GyroMetric Systems Limited ("GyroMetric"), in which it owns a 58 per cent. interest, which develops and manufactures digital monitoring and safeguarding systems for rotating shafts and Cloudveil Limited ("Cloudveil"), an intelligence services and security risk management business, which was acquired in September 2019.
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