REG - Sondrel (Holdings) - Regulatory Condition to Conditional Subscription

Sondrel (Holdings)Announcement

29/05/2024 07:00

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RNS Number : 1680Q  Sondrel (Holdings) plc  29 May 2024

29 May 2024

 

Sondrel (Holdings) plc

("Sondrel", the "Company" and together with its subsidiaries the "Group")

 

Regulatory Condition to Conditional £5.6m Subscription

 

Sondrel (AIM: SND), a leading provider of ultra-complex chips for leading
global technology brands, announced on 14 May 2024 that it had conditionally
raised gross proceeds of £5,625,400 pursuant to a subscription by ROX Equity
Partners Limited for 56,254,000 new ordinary shares in the Company at an issue
price of 10 pence per new ordinary share (the "Subscription").

 

The Subscription remains conditional upon, inter alia, Sondrel independent
shareholder approval at a general meeting to be held on 30 May 2024 (the
"General Meeting") and approval by the UK secretary of state of ROX's proposed
investment in the Company as required by the National Security and Investment
Act 2021 ("NSIA Approval").

 

Sondrel announces that it has now been informed that NSIA Approval is unlikely
to be received prior to the General Meeting. As such it is currently
anticipated that admission of the new ordinary shares to be issued pursuant to
the Subscription will take place after 31 May 2024, but prior to the agreed
long stop date of 8:00 am on 13 June 2024.

 

A further announcement in connection with the status of the NSIA Approval,
together with an updated admission date, will be made in due course as and
when appropriate.

 

 

For further information:

 

 Sondrel (Holdings) plc                                        Via Buchanan
 David Mitchard, Interim CEO                                   Tel: +44 (0) 20 7466 5000
 Nick Stone, Interim CFO

 Cavendish Capital Markets Limited                             Tel: +44 (0) 20 7220 0500
 Ben Jeynes / Katy Birkin / George Lawson - Corporate Finance
 Michael Johnson / Charlie Combe - Sales and ECM

 Buchanan Communications                                       Tel: +44 (0) 20 7466 5000
 Chris Lane                                                    sondrel@buchanan.uk.com (mailto:sondrel@buchanan.uk.com)

 Stephanie Whitmore
 Jack Devoy
 Abby Gilchrist

 

About Sondrel

Sondrel is a UK-based fabless semiconductor company specialising in high end,
complex digital Application Specific Integrated Circuits (ASICs) and System on
Chips (SOCs). It provides a full turnkey service in the design, prototyping,
testing, packaging and production of ASICs and SoCs.

 

The Company is one of only a few companies capable of designing and supplying
the higher-spec chips built on the most advanced semiconductor technologies,
selling into a range of hyper growth end markets such as high-performance
computing, automotive, artificial intelligence, VR/AR, video analytics, image
processing, mobile networking and data centres.  Sondrel designs have enabled
products by leading technology brands including Apple (iPhone), Sony
(PlayStation), Meta's (Oculus), Samsung, Google and Sony smartphones, JVC
(prosumer camcorders), Tesla and Mercedes-Benz cars.

 

Sondrel is well-established, with a 20-year track record of successful
delivery, supported by long standing ecosystem partnerships including Arm,
TSMC and Samsung. Headquartered in the UK, Sondrel has a global presence with
offices in UK, USA, China, India and Morocco.

 

For more information please visit: ir.sondrel.com
(http://www.ir.sondrel.com/) .

 

 

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