TIDMTST
RNS Number : 1476M
Touchstar PLC
26 April 2018
Touchstar plc
Preliminary results for the
year ended 31 December 2017
The Board of Touchstar plc ((AIM:TST) 'Touchstar', the 'Company'
or 'the Group'), suppliers of mobile data computing solutions and
managed services to a variety of industrial sectors, is pleased to
announce its final results for the year ended 31 December 2017.
Key Financials:
31 December 31 December
2017 2016
* Revenues GBP7,868,000 GBP7,624,000
* 'Trading profit' after tax before exceptional costs GBP381,000 GBP475,000
* Adjusted earnings per share 6.02p 7.53p
* Exceptional costs GBP141,000 GBPnil
* Goodwill impairment GBP3,824,000 GBPnil
* Operating (loss)/profit GBP(3,854,000) GBP223,000
* (Loss)/profit after tax GBP(3,585,000) GBP475,000
* Basic earnings per share (56.83)p 7.53p
Commenting today, Ian Martin, Chairman of Touchstar, said:
"The Group needed to change to have a vibrant future and, as we
move to scale the business, we have arrived at the point where
there is no turning back. Whilst this may seem a little scary it is
very exciting.
"Touchstar has what we believe to be a real opportunity. The
success of the fund raising at the start of the current year gives
us the financial ability to execute our full plan. Whether we
succeed or not is down to us, we have to be braver and more
ambitious, the upside if we get this right could be considerable.
We are focused upon making this happen."
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information please contact:
0161 874
Touchstar plc Ian Martin 5050
0161 874
Mark Hardy 5050
WH Ireland - Nominated Mike Coe/Ed 0117 945
Adviser Allsopp 3472
WH Ireland - Investor 0207 220
Relations Zuleika Slater 1666
Information on Touchstar plc can be seen at:
www.touchstar.com
CHAIRMAN'S STATEMENT 2017
It is pleasing to be able to report another positive set of
trading figures for the Group which comprises Touchstar
Technologies Limited and Touchstar ATC Limited. However, the
results for the year ended 31 December 2017 in no way reflect the
rapid pace of change and progress we are achieving in the Group as
we transform it from its historic hardware roots to become a
high-quality solutions provider and a business that enables
critical business data to be captured, moved and accessed across
various platforms.
The Group needed to change to have a vibrant future and, as we
move to scale the business, we have arrived at the point where
there is no turning back. Whilst this may seem a little scary it is
very exciting.
The Touchstar of today acts and thinks differently compared to
only 18 months ago. We have successfully designed complete
end-to-end solutions for our markets, taking them from concept to
client. We are now building users rapidly, albeit from a small
base, and it feels like real momentum. As part of this focus on the
future we have also decided to eliminate the legacy goodwill
remaining on the balance sheet. This had originally arisen many
years ago when the Group was quite a different animal.
Our objective was always to create a scalable business; every
change we made had that in mind. Investment continues in solution
development, building a front end capable of delivering a greater
rate of growth and a structure that gives excellent customer
experience.
We have learnt much over the past year, which builds our own
confidence that we understand better what is needed to complete our
transition. Having good customers, relevance and standing in our
markets helps, having the right products now gives the real
prospect we can turn these key assets into revenue growth.
Group Operating Results
Revenue for the year ending 31 December 2017 rose 3% to
GBP7,868,000. (2016: GBP7,624,000) This comprised of a relatively
weak first half to the year, combined with a stronger second half
to 2017, one in which we recorded sales growth of 12% over the
comparable period in 2016.
Margins fell slightly due to product mix and increased spending
as we move towards a more growth-orientated phase. Trading profit
for the year, ended 31 December 2017 fell by GBP91,000 to
GBP380,000 (2016: GBP475k). Trading profit is defined as profit
after tax prior exceptional items (note 7).
The Group's underlying cash generative characteristics resulted
in only a very small rise in net debt to GBP336,000 at the yearend
(2016: GBP329,000 net debt) even after the considerable investment
made in development, and the cash outflow associated with the
restructuring. The write off of goodwill of course has no cash
impact.
Overall the Group's financial position remained robust, a
position we take pride in.
The Group has decided to write down the full carrying value of
goodwill due to the changing balance from its hardware routes
towards a software solutions business. This one-off action ends the
debate and is in line with our financially conservative
philosophy.
This impairment charge of GBP3,824,000 for the financial year 31
December 2017 when added to other exceptional costs of GBP141,000
results in the Group reporting a loss attributable to shareholders
for the year of GBP3,585,000 compared to a profit of GBP475,000 in
2016.
Other exceptional costs above relate to redundancy costs and
onerous leases as a result of the restructuring of the business in
the year in order to streamline the operational structure (note
4).
The basic earnings per share for the year declined to (56.83)p
(2016: 7.53p). This reflects the lower margin and exceptional costs
of GBP3,965,000 (2016: NIL).
Adjusted earnings per share before exceptional items are down
slightly to 6.02p per share (2016: 7.53p) (note 7).
Solution Development
During the last two years, in broad terms, the development of
new products included mobile hardware devices, android applications
for mobile devices and back office software control systems in both
the Airline and Transport sectors.
The migration to devices running Android operating systems in
the digital marketplace, and thus applications, has been rapid.
Over the past two to three years, our customers have spoken of the
need to manage and process data outside their generic ERP systems,
and this has led to Touchstar developing sophisticated middleware
systems. These generate solid recurring licence revenues for the
business and the ability to support the customers' business data
processing needs effectively.
The back-office Enterprise business control systems in the
airline and transport sectors are hosted on the Microsoft Azure
Cloud platform which provides rich mobile functionality and
scalability as our customer base grows, which in turn give us the
processing power required to deliver powerful business solutions.
Cloud hosting has many advantages for both parties; facilitating
faster deployment of solution, reduction of set up costs, removal
of capital costs associated with hosting software on an inhouse
server, eliminating server setup and support costs while improving
reliability.
Touchstar has a number of customers now using the Transport back
office solution, PODStar. This system has been supplied into the
generic transport sector, a new and extensive opportunity for us,
as well as two new customers adopting the package in the fuel
logistics sector, where traditionally we are strong. We now have 7
customers (2016: nil) with over 200 vehicles (2016: nil) operating
on the platform.
Touchstar recently deployed an integrated back office and Mobile
point of sale system for an international 'flag carrier' airline.
The project from kick off to going live took around 3 months.
Faster deployment afforded by the cloud-based system resulted in
much reduced demand on resource when compared with an on-premise
system and in turn putting both companies in a position to realise
revenue earlier. We now have 3 airlines (2016: 1) using the
'NOVOStar' back office system.
We have launched several Android mobile devices to address the
growing demand and early indications show that the products have
been well received. The Application software development teams in
all divisions of the group have undertaken a complete migration of
all business applications to run on the latest Android operating
systems.
As a business we believe we have a comprehensive offering. We
can offer the fundamental elements of the software and data
capturing capability, and a choice of up to date, robust hardware
for the areas that we specialise in. It is important to recognise
that we are no longer a hardware design and manufacturing business
as our new and latest software solutions are developed in Android
and thus can function with most hardware in the market place,
thereby giving the customer's choice where they require it - we are
a flexible true solutions provider.
Post Year Event
In the last quarter of 2017, the board completed a strategic
review of how best to build value for shareholders. We concluded a
more aggressive strategy to scale Touchstar would probably create
the best outcome for all stakeholders. For this to happen we need
to bring forward investment in recruitment, solution development
and delivery capability. All of this will increase the cost base
and negatively impact the financial results in the short term as we
invest prior to the anticipated revenue generation.
To enable this strategy to be followed, whilst maintaining a
solid balance sheet, the Group announced a capital fund raising on
the 17 January 2018, which was successfully concluded on the 13
February 2018.
The Group raised GBP1,300,000 before expenses by issuing
2,166,327 new shares at 60p per share. This consisted of a firm
placing of 630,840 new shares, conditional placing of 639,158
shares and a further 896,329 shares under an open offer. Of these
new shares, Directors bought 407,999.
This completes the funding required under the current plan.
Together with the natural underlying cash generation of the
business, we can accelerate development in sales and marketing to
drive top line growth, improve our ability to deliver solutions and
bring forward investment to complete our solution upgrade cycle.
Throughout the remainder of this year these building blocks will be
put in place, the benefits however will take until 2019 to
materialise.
IFRS 15
For the new financial year, ending 31 December 2018 Touchstar
will adopt IFRS 15, Revenue from Contracts with Customers. This
standard (not Touchstar specific) affects the revenue recognition
policies of the Group with the adoption mainly affecting the timing
and deferral of revenue from software licences. It is expected that
sales and profit of GBP99,000 and GBP91,000 respectively, currently
recognised in 2017 only, will be restated as sales and profit in
the financial statements for year ending 31 December 2018.
The Board has always maintained a conservative approach in the
way it manages its financial statements, this will continue as we
move into 2018 and adopt IFRS 15 from 1(st) January 2018. Touchstar
is moving towards being a pure solutions provider which will result
in a higher percentage of group revenues being generated from sales
of software. Under IFRS 15 such revenue should be recognised over
the licence period rather than when cash is received. This results
in revenue generated by the sale of software licences to be
recognised later than under the previous accounting policy; the
move to IFRS 15 will have a material negative impact on the top and
bottom line of the financial results for 2018 as we adopt this new
policy, however thereafter it should have less overall impact as
the recurring revenues grow. This has no effect on the underlying
cash generation which has been historically strong.
Thank You
I would like to give my personal thanks to all involved at
Touchstar - to our shareholders for believing in what the business
could be and to everyone I work with in the business whose
dedication and enthusiasm has created this opportunity.
2018 and Beyond
From the first day I spent at Touchstar I was struck by a very
customer focussed business, it cared, and its customers trusted the
company. What was missing then was energy, an excitement that comes
from introducing modern solutions, seeing customers' positive
reaction and forward momentum. That positivity is now taking hold
within the business. The investment (and sweat) we have given gives
Touchstar an opportunity which we must now take advantage of.
I ask (again) for shareholders to be patient in 2018 - we are
working hard to scale the business, this requires time and
investment. In the short term, there will be additional costs ahead
of profit - 2018 will be somewhat of "an act of faith" period -
harder evidence will only begin to emerge later.
Touchstar has what we believe to be a real opportunity. The
success of the fund raising at the start of the year gives us the
financial ability to execute our full plan. Whether we succeed or
not is down to us, we have to be braver and more ambitious, the
upside if we get this right could be considerable. We are focussed
upon making this happen.
I Martin
Executive Chairman
26 April 2018
Consolidated income statement for the year ended 31 December
2017
2017 2016
Continuing operations GBP'000 GBP'000
-------------------------------------------------------------------------- ---------- --------
Revenue 7,868 7,624
Cost of sales (3,977) (3,523)
-------------------------------------------------------------------------- ---------- --------
Gross profit 3,891 4,101
Distribution costs (79) (72)
Administration expenses (7,666) (3,806)
-------------------------------------------------------------------------- ---------- --------
Operating profit before exceptional items 111 223
Exceptional costs included in administration expenses (141) -
Goodwill impairment included in administration expenses (3,824) -
-------------------------------------------------------------------------- ---------- --------
Operating (loss)/profit (3,854) 223
Finance costs (11) (10)
-------------------------------------------------------------------------- ---------- --------
(Loss)/profit before income tax (3,865) 213
Income tax credit 280 262
-------------------------------------------------------------------------- ---------- --------
(Loss)/profit for the year attributable to the owners of the parent (3,585) 475
---------- --------
Earnings/(loss) per ordinary share (pence) attributable to owners of the parent during the
year:
2017 2016
Basic (56.83)p 7.53p
Adjusted 6.02p 7.53p
There is no other comprehensive income or expense in the current
year or prior year and consequently no statement of other
comprehensive income or expense has been presented.
Consolidated statement of changes in equity for the year ended
31 December 2017
Retained
Share Capital earnings/
Share premium redemption (accumulated Total
capital account reserve losses) equity
GBP'000 GBP'000 GBP'000 GBP'000 GBP'000
------------------- ---------------------- --------- ------------ -------------- --------
At 1 January
2016 5,047 2,932 2,100 (4,761) 5,318
Capital reduction (4,732) (2,932) (2,100) 9,764 -
Costs of capital
reduction - - - (37) (37)
Profit for
the year - - - 475 475
At 31 December
2016 315 - - 5,441 5,756
Loss for the
year - - - (3,585) (3,585)
------------------- ---------------------- --------- ------------ -------------- --------
At 31 December
2017 315 - - 1,856 2,171
------------------- ---------------------- --------- ------------ -------------- --------
Consolidated statement of financial position as at 31 December
2017
2017 2016
GBP'000 GBP'000
----------------------------------- -------- --------
Non-current assets
Goodwill - 3,824
Development expenditure 1,136 989
----------------------------------- -------- --------
Total intangible assets 1,136 4,813
Property, plant and equipment 237 236
Deferred tax assets 168 67
----------------------------------- -------- --------
1,541 5,116
----------------------------------- -------- --------
Current assets
Inventories 1,387 1,259
Trade and other receivables 2,256 2,026
Current tax recoverable 272 203
Cash and cash equivalents 2,159 2,206
----------------------------------- -------- --------
6,074 5,694
----------------------------------- -------- --------
Total assets 7,615 10,810
----------------------------------- -------- --------
Current liabilities
Trade and other payables 2,619 2,295
Borrowings 2,495 2,535
5,114 4,830
----------------------------------- -------- --------
Non-current liabilities
Deferred tax liabilities 179 75
Trade and other payables 151 149
Total liabilities 5,444 5,054
----------------------------------- -------- --------
Capital and reserves attributable
to owners of the parent
Share capital 315 315
Profit and loss account 1,856 5,441
----------------------------------- -------- --------
Total equity 2,171 5,756
----------------------------------- -------- --------
Total equity and liabilities 7,615 10,810
----------------------------------- -------- --------
Consolidated cash flow statement for the year ended 31 December
2017
2017 2016
GBP'000 GBP'000
----------------------------------- --------- ---------
Cash flows from operating
activities
Operating profit/(loss) (3,854) 223
Depreciation 91 100
Amortisation 400 370
Goodwill impairment 3,824 -
Movement in:
Inventories (128) 231
Trade and other receivables (248) 341
Trade and other payables 326 (1,322)
------------------------------------ --------- ---------
Cash (used in)/generated
from operations 411 (57)
Interest paid (11) (10)
Corporation tax received 231 234
------------------------------------ --------- ---------
Net cash generated from operating
activities 631 167
------------------------------------ --------- ---------
Cash flows from investing
activities
Purchase of intangible assets (547) (539)
Purchase of property, plant
and equipment (91) (154)
------------------------------------ --------- ---------
Net cash used in investing
activities (638) (693)
------------------------------------ --------- ---------
Cash flows from financing
activities
Repayments of finance lease
contracts - (8)
Cost of capital restructure - (37)
------------------------------------ --------- ---------
Net cash used in financing
activities - (45)
------------------------------------ --------- ---------
Net decrease in cash and
cash equivalents (7) (571)
Cash and cash equivalents
at start of the year (329) 242
------------------------------------ --------- ---------
Cash and cash equivalents
at end of the year (336) (329)
------------------------------------ --------- ---------
1. General information
Touchstar plc is a public company limited by share capital
incorporated and domiciled in the United Kingdom. The Company has
its listing on AIM. The address of its registered office is 1
George Square, Glasgow, G2 1AL.
2. Basis of preparation
The preliminary results for the year ended 31 December 2017 have
been prepared in accordance with the accounting policies set out in
the annual report and the accounts for the year ended 31 December
2016.
There have been no changes in accounting policies in the
year.
The Group Financial Statements have been prepared in accordance
with the International Financial Reporting Standards ('IFRS') as
adopted by the European Union, IFRS IC interpretations and the
Companies Act 2006 applicable to companies reporting under IFRSs
and the AIM Rules for Companies. The Group Financial Statements
have been prepared under the historical cost convention.
While the financial information included in this preliminary
announcement has been computed in accordance with IFRS, this
announcement does not itself contain sufficient information to
comply with IFRS. The accounting policies used in preparation of
this preliminary announcement have remained unchanged from those
set out in the Group's 2016 statutory financial statements. They
are also consistent with those in the Group's statutory financial
statements for the year ended 31 December 2017 which have yet to be
published. The preliminary results for the year ended 31 December
2017 were approved by the Board of Directors on 10 April 2018.
The financial information set out in this preliminary
announcement does not constitute the Group's statutory financial
statements for the year ended 31 December 2017 but is derived from
those financial statements which were approved by the Board of
Directors on 10 April 2018. The Auditors have reported on the
Group's statutory financial statements and the report was
unqualified and did not contain a statement under section 498(2) or
498(3) Companies Act 2006. The statutory financial statements for
the year ended 31 December 2017 have not yet been delivered to the
Registrar of Companies and will be delivered following the
Company's Annual General Meeting.
The comparative figures are derived from the Group's statutory
financial statements for the year ended 31 December 2016 which
carried an unqualified audit report, did not contain a statement
under section 498(2) or 498(3) Companies Act 2006 and have been
filed with the Registrar of Companies.
Non - GAAP financial measures
For the purposes of the annual report and financial statements,
the Group uses alternative non-Generally Accepted Accounting
Practice ('non-GAAP') financial measures which are not defined
within IFRS. The Directors use the measures in order to assess the
underlying operational performance of the Group and as such, these
measures are important and should be considered alongside the IFRS
measures.
The following non-GAAP measure referred to in the Chairman's
statement relates to Trading profit.
'Trading profit' is separately disclosed, being defined as
profit after tax adjusted to exclude exceptional items. These
exceptional items are goodwill impairment and restructuring costs.
These exceptional costs relate to items which the management
believe do not accurately reflect the underlying trading
performance of the business in the period. The Directors believe
that the trading profit is an important measure of the underlying
performance of the Group.
3. Critical accounting estimates and assumptions
The Group makes estimates and assumptions concerning the future.
The resulting accounting estimates will, by definition, seldom
equal the related actual results. The estimates and assumptions
that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next
financial year are discussed below.
(a) Impairment of goodwill
The Group tests annually whether goodwill has suffered any
impairment, in accordance with the accounting policy. The
recoverable amounts of cash-generating units have been determined
based on value-in-use calculations. These calculations require the
use of estimates, both in arriving at the expected future cash
flows and the application of a suitable discount rate in order to
calculate the present value of these flows.
Following a review of goodwill valued in the Group the decision
was taken to fully impair the carrying value to nil because of the
change in the balance of the Groups product set.
This loss has been deemed an exceptional cost and included in
administrative expenses in the income statement.
(b) Development expenditure
The Group recognises costs incurred on development projects as
an intangible asset which satisfy the requirements of IAS 38. The
calculation of the costs incurred includes the percentage of time
spent by certain employees on the development project. The decision
whether to capitalise and how to determine the period of economic
benefit of a development project requires an assessment of the
commercial viability of the project and the prospect of selling the
project to new or existing customers.
4. Exceptional costs
2017 2016
GBP'000 GBP'000
----------------------------- --------- ---------
Restructuring expenses:
Redundancy costs 77 -
Onerous lease costs 64 -
Goodwill impairment (note 8) 3,824 -
----------------------------- --------- ---------
3,965 -
----------------------------- --------- ---------
5. Income tax credit
2017 2016
GBP'000 GBP'000
--------------------------------------- --------- ---------
Corporation tax:
Current tax (254) (201)
Deferred tax 3 -
Adjustments in respect of prior years (29) (61)
--------------------------------------- --------- ---------
Income tax credit (280) (262)
--------------------------------------- --------- ---------
Corporation tax is calculated at 19.25% (2016: 20%) of the
estimated assessable profit for the year. This is the weighted
average tax rate applicable for the year.
6. Factors affecting the tax charge for the year
The tax credit for the year is different (2016: different) from
the standard rate of corporation tax in the UK of 19.25% (2016:
20%). The differences are explained below:
2017 2016
GBP'000 GBP'000
------------------------------------------------------------------------------------ --------- ---------
(Loss)/profit before income tax (3,865) 213
------------------------------------------------------------------------------------ --------- ---------
Multiplied by the standard rate of corporation tax in the UK of 19.25% (2016: 20%) (744) 42
Effects of:
Items not deductible for tax purposes 738 76
Enhanced research and development deduction (261) (359)
Adjustments in respect of prior years (29) (61)
Capitalised expense allowable for tax purposes - (13)
Losses surrendered through R&D tax credit 95 76
Recognition of unrelieved tax losses (131) -
Capital allowances claimed in year less than/(in excess of) depreciation 56 (23)
Adjustment to deferred tax arising from changes in tax rate (4) -
Tax credit for the year (280) (262)
------------------------------------------------------------------------------------ --------- ---------
7. (Losses)/earnings per share
2017 2016
---------- --------- ------
Basic (56.83)p 7.53p
Adjusted 6.02p 7.53p
---------- --------- ------
Basic earnings per share is calculated by dividing the earnings
attributable to ordinary shareholders by the weighted average
number of ordinary shares in issue during the year. The calculation
of adjusted earnings per share excludes exceptional costs of
GBP3,965,000 (2016: GBPnil) (note 4).
Reconciliations of the earnings and weighted average number of
shares used in the calculation are set out below:
2017 2016
Earnings Weighted average number of Earnings Weighted average number of
GBP'000 shares (in thousands) GBP'000 shares (in thousands)
------------------------------- --------- ------------------------------ --------- -------------------------------
Basic EPS
(Loss)/earnings attributable
to owners of the parent (3,585) 6,308 475 6,308
Exceptional costs (note 4) 3,965 -
------------------------------- --------- ------------------------------ --------- -------------------------------
Adjusted EPS
Earnings attributable to
owners of the parent before
exceptional items 381 6,308 475 6,308
------------------------------- --------- ------------------------------ --------- -------------------------------
8. Intangible assets
Goodwill Development expenditure Total
GBP'000 GBP'000 GBP'000
--------------------- --------- ------------------------ ---------
Cost
At 1 January 2016 9,904 2,472 12,376
Additions - 539 539
At 31 December 2016 9,904 3,011 12,915
Additions - 547 547
At 31 December 2017 9,904 3,558 13,462
--------------------- --------- ------------------------ ---------
Accumulated amortisation
At 1 January 2016 6,080 1,652 7,732
Amortisation charge - 370 370
--------------------- --------- ------------------------ ---------
At 31 December 2016 6,080 2,022 8,102
Impairment 3,824 - 3,824
Amortisation charge - 400 400
--------------------- --------- ------------------------ ---------
At 31 December 2017 9,904 2,422 12,326
--------------------- --------- ------------------------ ---------
Net book value
At 1 January 2016 3,824 820 4,644
--------------------- --------- ------------------------ ---------
At 31 December 2016 3,824 989 4,813
--------------------- --------- ------------------------ ---------
At 31 December 2017 - 1,136 1,136
--------------------- --------- ------------------------ ---------
Amortisation of GBP400,000 (2016: GBP370,000) is included within
administrative expenses in the income statement.
(a) Impairment tests for goodwill
Goodwill arose in relation to the Group's acquisition of
Touchstar Technologies Limited and Touchstar ATC Limited who are
considered to be the two cash generating units (CGU) of the Group.
Following a review of goodwill valued in the Group the decision was
taken to fully impair the carrying value to nil because of the
change in the balance of the Groups product set.
This loss has been deemed an exceptional cost and included in
administrative expenses in the income statement.
(b) Development expenditure
The calculation of the costs incurred includes the percentage of
time spent by certain employees on the development project. The
decision whether to capitalise and how to determine the period of
economic benefit of a development project requires an assessment of
the commercial viability of the project and the prospect of selling
the project to new or existing customers.
Management determined budgeted sales growth based on historic
performance and its expectations of market development. The
discount rates are pre-tax and reflect the specific risks relating
to the business.
These calculations did not result in impairment. The following
sensitivity analysis was performed:
-- Increase the discount rate by 1.5%; and
-- Reduce the growth rate by 1% beyond the first five years.
In each of these scenarios no impairment was identified.
9. Events after the reporting date
On 17 January 2018 the Group announced the terms of a
fundraising by WH Ireland Limited, acting as its Nominated Adviser
and Broker, to raise a total of up to approximately GBP1,300,000
(before expenses) by way of a firm placing, a conditional placing
and an open offer.
In each case of new ordinary shares of 5 pence each ("Ordinary
Shares") were issued at a price of 60 pence per share.
The issue price of 60 pence per new Ordinary Share ("Issue
Price") represented a discount of 24 per cent against the
mid-market price of 79 pence per share at which the Ordinary Shares
were quoted on AIM as at close of trading on 16 January 2018, the
last trading day prior to announcement of the Fundraising.
The firm placing comprised of 630,840 new Ordinary Shares (the
"Firm Placing Shares") at the Issue Price (the "Firm Placing"). A
total of GBP378,504 (before expenses) has been raised by way of the
Firm Placing utilising the existing share authorities granted at
the 2017 AGM. The Firm Placing was conditional only upon compliance
by the Company in all material respects with its obligations under
the Placing Agreement and the admission of the Firm Placing Shares
to trading on AIM.
The conditional placing comprised of 639,158 new Ordinary Shares
(the "Conditional Placing Shares") at the Issue Price (the
"Conditional Placing"). The Conditional Placing raised GBP383,495
(before expenses). The Conditional Placing was conditional, inter
alia, upon Shareholders approving Resolution 1 at the General
Meeting, compliance by the Company in all material respects of its
obligations under the Placing Agreement and the occurrence of First
Admission and Second Admission which took place on 13 February
2018.
The Open Offer comprised of 901,250 new Ordinary Shares to
Qualifying Shareholders pursuant to the Open Offer at the Issue
Price. The Open Offer was conditional, inter alia, upon
Shareholders approving Resolution 2 at the General Meeting,
compliance by the Company in all material respects of its
obligations under the Placing Agreement and the occurrence of First
Admission and Second Admission which took place on 13 February
2018.
This information is provided by RNS
The company news service from the London Stock Exchange
END
FR BLGDSGXDBGIU
(END) Dow Jones Newswires
April 26, 2018 02:00 ET (06:00 GMT)
Touchstar (LSE:TST)
過去 株価チャート
から 2 2025 まで 3 2025
Touchstar (LSE:TST)
過去 株価チャート
から 3 2024 まで 3 2025
