T42 IOT TRACKING SOLUTIONS PLC — Capital/Financing Update 2014

Feb 3, 2014

National Storage Mechanism | Additional information

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RNS Number : 0462Z

Starcom PLC

03 February 2014

3 February 2014

Starcom PLC

("Starcom"or the "Company")

Placing, Directors'dealings and total voting rights

Starcom (AIM: STAR), which specialises in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets and people, is pleased to announce that the Company has conditionally raised £2,000,000 before expenses through the placing of 13,333,333 new Ordinary Shares of no par value (the "Placing Shares") at a price of 15p per Placing Share (the "Placing") with new and existing institutional investors. The Placing Shares were placed by the Company's broker, Northland Capital Partners Limited.

The proceeds of the Placing will be used to provide working capital for the fulfilment of product orders, continued investment in R&D for the next generation of products and allow the Company to build an inventory from which to satisfy future sales.

The issue of the Placing Shares is conditional, inter alia, on Admission. Application has been made for admission of the Placing Shares to trading on AIM ("Admission"). Admission is expected to occur at 8.00 am on or around 6 February 2014. On Admission, the Placing Shares will rank pari passu with the Company's existing Ordinary Shares.

Directors' Dealings

As part of the Placing directors Avi Hartmann and Michael Rosenberg, CEO and Chairman of the Company have subscribed for 333,334 and 20,000 Placing Shares respectively.

In addition, founders of the Company Uri Hartman and Doron Kedem, CTO and COO respectively of the operating subsidiaries, have subscribed for 333,333 Placing Shares each.

Following the issue of the Placing Shares and their Admission to trading on AIM, they will have the following interests in the Ordinary Shares of the Company:

	Ordinary Shares	%
Avi Hartmann	19,116,668	22.6
Michael Rosenberg*	45,000	0.05
Uri Hartman	19,116,667	22.6
Doron Kedem	19,116,667	22.6

* Mr Rosenberg's shares are held through his personal pension plan of which he is the sole beneficiary.

Total voting rights

Following Admission, the Company's enlarged issued share capital will comprise 84,433,333 Ordinary Shares. The Company does not hold any shares in treasury. Therefore, the total number of Ordinary Shares with voting rights will be 84,433,333. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

Option issue

In connection with the Placing, the Company has granted Northland Capital Partners Limited options to subscribe for 492,533 new Ordinary Shares at 15p per share, exercisable at any time for a period of 5 years following Admission.

Avi Hartmann, CEO, commented: "We are delighted with the result of the Placing and with the support shown by both existing and new shareholders for our business and products. With these funds in place we look forward to focussing on achieving further traction for all our products in their respective markets and are optimistic for the financial year ahead."

For further information please contact:
Starcom plc	Northland Capital (Nomad)	Northland Capital (Broking)
Michael Rosenberg Avi Hartmann Eitan Yanuv	Luke Cairns Edward Hutton Lauren Kettle	John Howes Alice Lane
Tel:  07785 727595        +972 543070103        +972 36199901	Tel: 020 7382 1100	Tel: 020 7382 1100

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This information is provided by RNS

The company news service from the London Stock Exchange

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