Strat Aero PLC Significant Reduction in Debt (4698Y)

TIDMAERO

RNS Number : 4698Y

Strat Aero PLC

05 December 2017

Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services

5 December 2017

Strat Aero plc ("Strat Aero", the "Company" or the "Group")

Significant Reduction in Debt

Strat Aero plc, an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle ('UAV') sector, is pleased to announce that it has signed a legally binding agreement ('the Agreement') to settle all its outstanding debts totalling US$387,000 with Mr Russell Peck, a former Director of the Company and its US subsidiary Strat Aero, Inc and one of its largest creditors.

Under the terms of the Agreement, in return for Mr Peck waiving Strat Aero's obligation to repay the full outstanding US$387,000 owed, Strat Aero will issue Mr Peck with 74,189,480 New Ordinary Shares in the Company ('the New Shares'. In addition, while the Company continues to wind down its US corporate entities (as previously announced), it has agreed to continue to indemnify Mr Peck against any personal liabilities that may arise in relation to his previous role as a former officer of the Company.

Iain McLure, CEO of Strat Aero plc, commented, "Today's agreement represents a major milestone for Strat Aero as it significantly strengthens the Company's balance sheet by removing one of its largest creditors on favourable terms for Strat Aero. Since I joined as CEO, my focus has been to put the Company on a sound financial footing so that it can capitalise on the unique experience and skillset of its personnel in providing value-add UAV based services and solutions. Together with the tight management of our cost base, the consolidation of our offering into our core Training & Education and Surveying & Inspections divisions, and our recent Placing and proposed Open Offer, we are well on the way to achieving this."

Details of the New Shares

Application will be made for the New Shares, which will rank pari passu with the existing shares, to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and dealings will commence in the New Shares on or around 11 December 2017.

Total Voting Rights

Following the issue of the New Shares, the issued share capital of the Company will consist of 3,724,189,028 Shares. No Shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 3,724,189,028.

The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

- ENDS -

For further information please visit www.strat-aero.com or contact:

 
 Strat Aero plc                   Tel: +44 (0) 1293 804741 
 Graham Peck (Chairman) 
 SP Angel Corporate Finance LLP   Tel: +44 (0) 20 3470 
                                   0470 
 Nominated Adviser and Joint 
  Broker 
 Stuart Gledhill 
  Jeff Keating 
  Caroline Rowe 
 Peterhouse Corporate Finance     Tel: +44 (0) 20 7469 
                                   0930 
 Lucy Williams 
 Beaufort Securities Limited      Tel: +44 (0) 20 73828300 
 Joint Broker 
  Elliot Hance 
 St Brides Partners Ltd           Tel: +44 (0) 20 7236 
                                   1177 
 Financial PR 
  Susie Geliher 
  Frank Buhagiar

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 05, 2017 10:47 ET (15:47 GMT)

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