19 October 2016
Wheelsure Holdings Plc
(“Wheelsure” or the “Company”)
Proposed Subscription of approximately £106,000
Wheelsure (ISDX: WHLP), the industrial engineering company announces its intention to conduct a subscription for cash (the “Subscription”) of new ordinary shares (the “Subscription Shares”) to raise a total of approximately £106,000 (before expenses). It is intended that the price at which the Subscription Shares are to be subscribed for (the “Subscription Price”) will be 1 penny per Subscription Share.
Gerhard Dodl, CEO of the Company has indicated an intention to participate in the Subscription. Some of the Company’s current shareholders have also indicated their intention to participate in the Subscription. Members of the public will not be entitled to participate in the Subscription.
The Market Abuse Regulation ("MAR") became effective from 3 July 2016. Market Soundings, as defined in MAR, were taken in respect of the proposed Subscription with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a Market Sounding are no longer in possession of inside information relating to the Company and its securities.
Use of Proceeds:
The Company intends that the net proceeds of the Subscription will be predominately used for working capital purposes.
Further details regarding the Subscription
It is anticipated that Subscription participations will be secured by way of Subscription letters. A further announcement in respect of the total number of Subscription Shares to be issued, the aggregate proceeds to be raised through the Subscription and the timing of the admission of the Subscription Shares to trading on ISDX will be made in due course, as soon as is practicable, once these details have been finally determined.
It is anticipated that the Placing will be completed and the New Ordinary Shares will be admitted to ISDX on or before 26th October 2016.
The directors of the Company are responsible for the contents of this announcement.
|Wheelsure Holdings plc||01525 840 557|
|Gerhard Dodl, CEO|
|Daniel Stewart & Company Plc||0207 776 6550|
|Peter Shea/Asha Chotai - Corporate Adviser|
|David Lawman - Broker|
About Wheelsure holdings
Wheelsure Holdings plc is a holding company for a Group which develops and commercialises innovative products that meet safety needs throughout the world.