Synchronica Plc (AIM: SYNC) informed investors that one of its major shareholders, the Lanstead Partners investment company, has increased its holding from 34.1 million shares to approximately 104 million shares as of 7 April 2010. The holding currently represents 15.44% of the company’s issued share capital.
Last month, along with the deal to acquire IMPS instant messaging business Colibria AS, Synchronica announced two separate equity-based fundraisings. Firstly, an issue of 111.6 million shares placed at a price of 2.5p, raising gross proceeds of £2.8 million. The placing shares will represent approximately 13.2% of the enlarged share capital and are expected to be admitted to trading on London’s AIM market on 22 April 2010.
Separately, the company has entered into a contract with an institutional investor, whereby Synchronica will issue 80 million new shares to an escrow agent and similarly the investor will lodge £2 million in government bonds into an escrow account. Over a two year period, the escrow agent will convert and release the funds to Synchronica on a monthly basis. The conversion into capital will be calculated in relation to a reference price of 3.3333p per share and an average mid market share price (linked to the preceding month).
On 31 March Synchronica stated that these equity-swap shares were expected to be admitted on 7 April 2010.
Each month for the next two years the escrow agent will release to Synchronica a sum calculated by reference to the average mid market share price on the five business days at the end of the preceding month.
Disclosure: The author holds no positions in the company