REG - Directa Plus PLC - Update on Voting & Action to be Taken

Directa PlusAnnouncement

24/06/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240624:nRSX4929Ta&default-theme=true

RNS Number : 4929T  Directa Plus PLC  24 June 2024

24 June 2024

 

Directa Plus plc

("Directa Plus", the "Group" or the "Company")

 

Update on Voting & Action to be Taken

 

Directa Plus (AIM: DCTA) a leading producer and supplier of graphene
nanoplatelets based products for use in consumer and industrial markets,
provides an update on the importance of the vote at the upcoming General
Meeting to approve the Fundraise announced on 11 June 2024, pursuant to which
the Company has, subject to shareholder approval, raised gross proceeds of
approximately £6.8 million.

 

As outlined in the Circular, in the event that all the Resolutions are not
passed, Admission will not occur and the Company will not receive the funds
from the Placing or the Subscription, which would limit the amount of working
capital available to the Company. There is no certainty that other funding
would be available on suitable terms or at all. Accordingly, in light of the
Group's cash position, it would be likely that the Company would have to
severely restrict its costs, potentially impacting its ability to progress its
growth strategy and generate value for the Group.

 

The Company has been notified that certain existing shareholders, with a
combined shareholding of approximately 19.82 per cent. of the Company, intend
to vote against the Resolutions. The Board believes this action jeopardises
the future viability of the business and will have a material adverse effect
on the Group's business, financial condition, prospects, capital resources,
cash flows, share price, liquidity, results and/or future operations.
Accordingly, the Board will have no alternative but to seek other, emergency,
forms of funding (which, if available, may be on terms significantly less
favourable to the Company and its Shareholders) or to take steps to preserve
and maximise value for its creditors.

 

Accordingly, the Board reiterates its unanimous recommendation that all
Shareholders vote in favour of the Resolutions.

 

The General Meeting to approve the Resolutions is expected to be held at the
offices of Vistra, 7th Floor, 50 Broadway, London SW1H 0DB at 2.30 p.m. (BST)
on 27 June 2024.

 

Shareholders are required to vote in favour of the resolutions for the
Fundraise to proceed and have until 2.30 p.m. on 25 June 2024 to submit valid
Forms of Proxy.

 

To be valid, a Proxy Vote must be received by the shareholder portal at
www.signalshares.com (http://www.signalshares.com) ,  via the LinkVote+ app,
in the case of shares held through CREST, via the CREST system or, if you are
an institutional investor you may also be able to appoint a proxy
electronically via the Proxymity platform. If you wish to receive a hard copy
form of proxy, you may request one directly from the Registrars, Link Group,
using the contact details provided in Note 5 to the Notice of the General
Meeting.

 

Please Note: Nominees and Brokers may have earlier internal deadlines,
therefore it is recommended that all Shareholders lodge their instructions as
early as possible in order to assure their vote is placed on time.

 

Capitalised terms not otherwise defined in the text of this Announcement have
the meanings given in the Circular published on 11 June 2024.

 

For further information, please contact:

 

 Directa Plus plc                                                        +39 02 36714458
 Giulio Cesareo, CEO
 Giorgio Bonfanti, CFO

 Cavendish Capital Markets Limited (Nominated Adviser and Joint Broker)  +44 131 220 6939
 Neil McDonald
 Adam Rae

 Singer Capital Markets Securities Limited (Joint Broker)                +44 20 7496 3069
 Rick Thompson
 Phil Davies

 Alma Strategic Communications (Financial PR Adviser)                    +44 20 3405 0205
 Justine James                                                           directaplus@almastrategic.com
 Hannah Campbell
 Kinvara Verdon

 

The person responsible for arranging the release of this Announcement on
behalf of the Company is Giorgio Bonfanti, Chief Financial Officer of the
Company.

 

Notes to Editors

 

Directa Plus (www.directa-plus.com) is one of the largest producers and
suppliers of graphene-based products for use in consumer and industrial
markets. The Company's graphene manufacturing capability uses proprietary
patented technology based on a plasma super expansion process. Starting from
natural graphite, each step of Directa Plus' production process - expansion,
exfoliation and drying - creates graphene-based materials and hybrid graphene
materials ready for a variety of uses and available in various forms such as
powder, liquid and paste.

 

This proprietary production process uses a physical process, rather than a
chemical process, to process graphite into pristine graphene nanoplatelets,
which enables Directa Plus to offer a sustainable, nontoxic product, without
unwanted by-products.

 

Directa Plus' products are made of hybrid graphene materials and graphene
nano-platelets. The products (marketed as G+(R)) have multiple applications
due to its properties. These G+(R) products can be categorised into various
families, with different products being suitable for specific practical
applications.

 

Directa Plus was established in 2005 and is based in Lomazzo (Como, Italy) and
has been listed on the AIM market of the London Stock Exchange since May 2016.
Directa Plus holds the Green Economy Mark from London Stock Exchange which
recognises companies that contribute to the global green economy.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCFFFFLRSIVFIS