Trowers & Hamlins advises CyanConnode Holdings plc on its £3.15 million fundraising
Trowers & Hamlins has advised AIM-quoted CyanConnode Holdings plc (AIM: CYAN) on its heavily oversubscribed £3.15 million fundraising.
CyanConnode is a world leader in narrowband radio frequency (RF) smart mesh networks, which are used for machine to machine (M2M) communication. As well as being self-forming and self-healing, CyanConnode's RF Smart Mesh Networks are designed for rapid deployment, whilst giving exceptional performance and competitive total cost of ownership.
The heavily oversubscribed fundraising comprised a placing of new ordinary shares carried out by Arden Partners plc by way of an accelerated bookbuild, and a subscription by certain directors of the company and investors known to the company. The issue price was at a premium to the closing market price prior to announcement of the fundraising.
The net proceeds of the fundraising will be used to strengthen the company's balance sheet, to increase working capital, to allow the company to continue to take advantage of its significant growth opportunities and to execute the company's growing order book and pipeline.
Corporate Partner, Ed Hooper, led the Trowers team, assisted by Isabelle Kilner.
“We are pleased to have worked again with CyanConnode on its hugely successful fundraising at a premium. We look forward to seeing the company's continued growth in this exciting sector.”
Heather Peacock, Chief Financial Officer of CyanConnode, said:
“We are grateful to Ed and Isabelle for their responsive advice and hard work on this transaction. We’ve worked with Ed and Trowers on many deals in the past and find their commercial approach combined with their existing knowledge of our business ensured that the deal closed quickly and efficiently.”