LightwaveRF Plc (AIM:LWRF) Proposed Placing to raise £5 Million & Open Offer

LightwaveRF (AIM: LWRF), the leading smart home solutions provider, announces firm and conditional placings and subscriptions and an open offer.

Transaction Highlights

– Firm Placing and Firm Subscription using the Company’s existing share authorities to raise approximately £2.0m through the issue of 12,607,501 New Ordinary Shares in aggregate to new and existing investors at 16 pence per share

– Conditional Placing and Conditional Subscription to raise approximately a further £3.0m through the issue of 18,642,499 New Ordinary Shares in aggregate to new and existing investors at 16 pence per share

– New Ordinary Shares to be issued at 16 pence per New Ordinary Share which represents a discount of approximately 13.5 per cent. to the Company’s Closing Price of 18.5 pence on 27 October 2017

– Proposal to raise a further £1.0 million by way of a conditional Open Offer subject to Shareholder approval

The above transaction highlights and the summary announcement below should be read in conjunction with the full appendix at the bottom of this announcement.

This announcement contains inside information and is disclosed in accordance with the Company’s obligations under the Market Abuse Regulation (EU) No 596/2014.

LightwaveRF (AIM: LWRF), the leading smart home solutions provider, announces that it has raised, in aggregate, approximately £2.0 million before expenses, by way of a placing of 5,805,333 New Ordinary Shares (the “Firm Placing Shares”) and a subscription of 6,802,168 New Ordinary Shares (the “Firm Subscription Shares”) at 16 pence per share (the “Issue Price”).

In addition, the Company announces that it has conditionally raised, in aggregate, approximately £3.0 million, before expenses, by way of a placing of 14,163,417 New Ordinary Shares (the “Conditional Placing Shares”) and a subscription of 4,479,082 New Ordinary Shares (the “Conditional Subscription Shares”) at the Issue Price. The issue of both the Conditional Placing Shares and the Conditional Subscription Shares are subject to the passing of the Resolutions at a general meeting. In addition, certain of the Conditional Placing Shares are conditional upon the Company receiving advanced assurance from HMRC that the Company’s business will qualify for VCT tax reliefs (the “VCT Placing Shares” and the “VCT Clearance”).

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The Company also announces that it proposes to raise a further £1.0 million by way of a conditional open offer to qualifying shareholders (the “Open Offer”), subject to Shareholder approval.

The Issue Price represents a discount of approximately 13.5 per cent. to the Company’s Closing Price of 18.5 pence on 27 October 2017, the last trading day prior to this announcement.

The net proceeds of the Placings, the Subscriptions and the Open Offer will be used to fund product development, sales and marketing of LightwaveRF’s second-generation devices and for working capital purposes.

The Company has agreed that settlement be deferred in respect of 1,802,168 New Ordinary Shares, (the “Deferred Settlement Shares”) forming part of the Firm Subscription. Settlement of the Deferred Settlement Shares is expected by 10 November 2017 but no later than 30 November 2017. As a result, these Deferred Settlement Shares will be allotted no later than 30 November 2017 and dealings in these shares are expected to commence no later than 8:00 a.m. on 1 December 2017.

Application has been made for admission of the Firm Placing Shares and the Firm Subscription Shares to trading on AIM (“First Admission”) and dealings in the Firm Placing Shares and the Firm Subscription Shares (less the Deferred Settlement Shares) are expected to commence at 8.00 a.m. on 31 October 2017. The Firm Placing Shares and the Firm Subscription Shares, when issued, will rank pari passu with the Existing Ordinary Shares.

Andrew Pearson, CEO of LightwaveRF, said,

“I am delighted with the level of interest that we have received for the fundraise, which is a great endorsement of our business plans and ambition. The new funds will support further product development and bolster our sales and marketing activity, as we continue to scale up the business and strengthen our position as a leading player in the Smart Home market.”

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