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Corporate News

New finance facility with the Development Bank of Wales, issue of equity and Director changes

21 December 2018

Haydale (AIM: HAYD), the global advanced materials group, is pleased to announce that, further to its financing update announcement of 9 November 2018, it has secured £1.00 million of new working capital for the Group through a combination a new £750,000 16-month loan facility from the Development Bank of Wales and the issue of £250,000 of new equity via a subscription with the Company. The Company also announces changes to its board of directors.

Development Bank of Wales (“DBW”)
The Company is to enter into a new secured working capital loan from the DBW of £750,000 which is to be repaid monthly on or before April 2020 and carries an interest rate of 11 per cent. p.a. (“Loan”). The Loan is expected to be drawn down in January and will be used by Group for general working capital purposes. The Loan contains customary borrowing terms and conditions.

Issue of Equity
The Company has raised £250,000 through the issue of 1,250,000 new ordinary shares of 0.2p in the Company (“Ordinary Shares”) at a price of 20 pence each via a direct subscription with the Company, which represents a discount of approximately 21.6 per cent. to the closing mid-price per Ordinary Share on 20 December 2018. The Ordinary Shares are to be issued pursuant to the Company’s existing disapplication authorities granted at the Company’s 2017 AGM.  The new Ordinary Shares represent approximately 4.6 per cent of the Company’s existing ordinary share capital.  Following the issue of the Ordinary Shares, the Company will have 28,578,773 Ordinary Shares in issue.

Application will be made for the Ordinary Shares to be admitted to trading on AIM and trading in the Ordinary Shares is expected to commence on 31 December 2018.

Change of Directors
The Company is pleased to announce the appointment of Laura Redman-Thomas as its new full time Chief Financial Officer with immediate effect. Laura takes over from Matt Wood, who steps down having served as Finance Director since April 2014.  Matt leaves to develop his other business interests but will remain with the Group during a handover period with Laura and will continue to act as the Group’s Company Secretary for the foreseeable future.

Laura is an experienced finance professional, having held a variety of senior finance roles over the last 19 years, most latterly at Stadium Group Plc where Laura was the finance director of its Technology Product Division before its sale to TT Electronics Plc earlier this year.  Prior to that, Laura spent almost 14 years at De La Rue, as both finance director and commercial director of a number of De La Rue operating companies. Laura holds a Masters degree in Strategic Business Management and is an Associate Member of the Chartered Institute of Management Accountants.

The Company also announces that Roger Smith, who has served as both a non-executive director and an executive director of the Company since May 2010, has informed the Board of his intention to step down as a director with effect from 31 January 2019.

The Company also announces that Ray Gibbs, President, Business Development, has notified the Board of his intention to not stand for re-election as a director at today’s annual general meeting.

David Banks Executive Chairman at Haydale, commented:
We are delighted to have entered into this facility with the Development Bank of Wales who undertook extensive due diligence on the Group before agreeing to provide us with their support. I’m also extremely pleased to welcome our new equity investor to the Company at this time to provide additional financial resource as we enter 2019.

I am delighted to have Laura join the team at Haydale. She will bring a commercial and professional approach to the Group as we focus on delivering on our strategy.

Personally, and on behalf of the Board, I would like thank Matt and Roger who have served the Company with dedication in their respective roles and we wish them well in their future endeavors. I would like to thank Ray for his service as a Plc director and we will continue to benefit from his experience in global business development.

The following information is being disclosed pursuant to Rule 17 and paragraph (g) of Schedule Two of the AIM Rules for Companies in relation to Laura Redman-Thomas.

Full Name: Laura Gwyneth Redman-Thomas

Laura, aged 52, does not hold any shares in the Company.

Current Directorships Previous Directorships (within the last 5 years)
Wokingham & District Citizens Advice Bureau Stadium Power Limited
Stadium IGT Limited
Stadium United Wireless Limited
Stontronics Limited
SGW Sweden AB
Stadium Group Inc

 

Save as disclosed above there are no additional disclosures to be made in accordance with Rule 17 or paragraph (g) of Schedule Two of the AIM Rules for Companies.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.

 

For further information:

Haydale Graphene Industries plc
David Banks, Interim Executive Chairman
Gemma Smith, Head of Marketing
Tel: +44 (0) 1269 842 946
www.haydale.com
 
 
 Arden Partners plc (Nominated Adviser & Broker)
 
 Ruari McGirr / Paul Shackleton / Ben Cryer
Tel: +44 (0) 20 7614 5900

 

Notes to Editors

Haydale is a global technologies and materials group that facilitates the integration of graphene and other nanomaterials into the next generation of commercial technologies and industrial materials.  With expertise in graphene, silicon carbide and other nanomaterials, Haydale is able to deliver improvements in electrical, thermal and mechanical properties, as well as toughness.  Haydale has granted patents for its technologies in Europe, USA, Australia, Japan and China and operates from six sites in the UK, USA and the Far East.

For more information please visit: www.haydale.com

Twitter: @haydalegraphene

 

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Important Dates

  • 21DecAnnual General Meeting
  • 18SepFinal Results
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