SRT MARINE SYSTEMS PLC — Capital/Financing Update 2014

Jul 4, 2014

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 5037L

Software Radio Technology PLC

04 July 2014

SOFTWARE RADIO TECHNOLOGY PLC

(AIM: SRT)

("SRT" or the "Company")

SRT, the AIM-quoted provider of maritime domain awareness technologies, products and solutions, is pleased to announce that it has conditionally raised £1.52 million, before expenses, through a placing of new ordinary shares at a price of 18p per share (the "Placing").

The funds raised will provide SRT with additional working capital to support stock procurement for expected forthcoming orders.

The Placing

The Company, through its broker, W H Ireland Limited, has conditionally placed 8,450,000 new ordinary shares (the "Placing Shares") at 18p per share, raising approximately £1.52 million (before expenses).

Simon Tucker, Chief Executive Officer of SRT, will be subscribing for 267,440 Placing Shares.  Following completion of the Placing, Mr. Tucker's beneficial interest in the Company will be 1,207,440 ordinary shares of 0.1p each, representing 0.95% of the enlarged issued share capital.

Application has been made for the Placing Shares to be admitted to trading on AIM which is expected to take place on 8 July 2014.

Following the Placing, there will be 127,452,419 ordinary shares of 0.1p each in issue.

Contacts:
Software Radio Technology plc
Simon Tucker, Chief Executive Officer	+44 (0) 1761 409500
	simon.tucker@softwarerad.com
WH Ireland Limited
Tim Feather Yellow Jersey PR Anna Legge / Dominic Barretto	+44 (0) 20 7220 1666 +44 (0) 7747 788221

About SRT:

The SRT plc group develops and provides AIS based maritime domain awareness technologies, technologies, products and systems.  Our solutions are used around the world in a variety of applications ranging from vessel tracking to port and infrastructure security. For more information visit www.softwarerad.com 

About AIS:

AIS (Automatic Identification System) is an international maritime domain awareness technology invented and globally proliferated by the IMO (International Maritime Organisation). AIS is a complex radio based data communications technology which allows accurate and reliable multi-point real time communication between moving and fixed entities in the marine domain. AIS is a globally adopted technology and is being deployed across a wide range of applications.

This information is provided by RNS

The company news service from the London Stock Exchange

END

IOEBGGDRISGBGSS