Result of Placing and Subscription
Cirata plc has successfully completed an oversubscribed fundraising, raising gross proceeds of £5.1 million through a placing and subscription of 34,155,349 new ordinary shares, representing approximately 27% of existing shares. The placing raised £2.7 million and the subscription raised £2.5 million, both at an issue price of 15 pence per share, which is an 18.9% discount to the previous closing price. A separate retail offer aims to raise up to £0.38 million. Directors and senior employees are participating in the subscription with an aggregate investment of approximately £0.14 million. Admission of the new shares to AIM is expected on 28 July 2026.
Select text to share a quote on X · sign in to keep highlights & notes in your CRTA notes
596/2014) AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
Cirata plc
("Cirata" or the "Company")
Result of Placing and Subscription
Cirata plc (LSE: CRTA) is pleased to announce the successful completion of the oversubscribed bookbuild in respect of its conditional placing and subscription (together the "Fundraising") announced on 25 June 2026 (the "Launch Announcement"), raising, in aggregate, gross proceeds of £5.1 million (c.$6.7 million). A total of 34,155,349 new Ordinary Shares will be issued pursuant to the Placing and the Subscription, representing approximately 27 per cent. of the Existing Ordinary Shares of the Company ("New Ordinary Shares").
A total of 17,795,610 Placing Shares have been placed by Stifel Nicolaus Europe Limited ("Stifel") and Panmure Liberum Limited ("Panmure Liberum"), acting as joint bookrunners (the "Joint Bookrunners"), at a price of 15.0 pence per Placing Share (the "Issue Price") pursuant to the Placing, raising gross proceeds of approximately £2.7 million (c. $3.5 million) (the "Placing"). Completion of the Placing and the Subscription is conditional upon, inter alia, the passing of the GM Resolutions by Shareholders at the General Meeting and Admission. Further to the disclosure in the Launch Announcement, 500,000 of the New Ordinary Shares (representing approximately 1.5 per cent. of the New Ordinary Shares) are subject to an additional condition in relation to the establishment of a UK branch for VCT qualifying purposes which the Company expects to be satisfied by Admission.
In addition, 16,359,739 new Subscription Shares have been subscribed for directly from the Company at the Issue Price by certain investors (including certain Directors and senior employees of the Company and certain persons resident in the US), raising gross proceeds of approximately £2.5 million (c. $3.2 million) (the "Subscription").
In addition to the Placing and the Subscription, the Company has launched a separate retail offer via the RetailBook Platform (the "Retail Offer") to raise up to approximately £0.38 million (c.$0.5 million), in order to provide new and existing retail investors with an opportunity to participate in the fundraising at the Issue Price. The Retail Offer is expected to remain open until 8.00 a.m. on 29 June 2026 following which the result of the Retail Offer will be announced.
Certain of the Directors and senior employees of the Company have agreed to participate in the Fundraising through the Subscription, subscribing for, in aggregate, 926,036 Subscription Shares at the Issue Price, representing an aggregate investment of approximately £0.14 million (c.$0.18 million). Further details of the participation of the Directors, senior employees and substantial shareholder are set out below.
The Issue Price represents a discount of approximately 18.9 per cent. to the Closing Price of 18.5 pence per Ordinary Share on 24 June 2026 (being the last practicable date prior to the date of the Launch Announcement).
The Company consulted with, and received strong support from, many of its largest shareholders during the Fundraising. The Company has respected the principles of soft pre-emption, so far as possible, through the allocation process.
The New Ordinary Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue.
Director, PDMR and senior management participation
The participation by certain Directors, senior management and PDMRs in the Fundraising is set out below:
| Name | Position/status | Number of Ordinary Shares currently held | Subscription Shares | Number of Ordinary Shares held following Admission | % of issued share capital held following Admission* |
|---|---|---|---|---|---|
| Kenneth Lever | Non-Executive Chairman | 245,454 | 166,666 | 412,120 | 0.25% |
| Sarah Rolls | Non-Executive Director | 0 | 166,666 | 166,666 | 0.10% |
| Amanda Jobbins | Non-Executive Director | 0 | 66,666 | 66,666 | 0.04% |
| Christopher Baker | Non-Executive Director | 0 | 50,000 | 50,000 | 0.03% |
| Eric Collins | Non-Executive Director | 0 | 100,000 | 100,000 | 0.06% |
| Stephen Kelly | Chief Executive Officer | 2,089,202 | 166,666 | 2,255,868 | 1.38% |
| Dan Hayes | Senior Management - IR | N/A | 133,333 | N/A | N/A |
| Paul Scott-Murphy | Senior Employee (PDMR) | 22,907 | 25,346 | 48,253 | 0.03% |
| Dominic Arcari | Senior Employee (PDMR) | 14,500 | 50,693 | 65,193 | 0.04% |
| Total | 926,036 |
*assuming take up in full of the Retail Offer
Related party transactions
Davis Capital Global Frontier Opportunities LLC ("Davis Capital") has conditionally subscribed for 3,801,992 Subscription Shares (an investment of approximately $750,000). The participation in the Fundraising by Davis Capital, as a substantial shareholder of the Company as defined under the AIM Rules for Companies (the "AIM Rules"), and LAD Trust, an associate of Davis Capital who also participated in the Fundraising by conditionally subscribing for 506,932 Subscription Shares (an investment of approximately $100,000), constitutes a related party transaction for the purpose of Rule 13 of the AIM Rules for Companies.
The Directors, who are independent of the transaction, being the entire Board, having consulted with Stifel, the Company's nominated adviser, believe that the terms of the transaction are fair and reasonable insofar as Shareholders are concerned.
Admission of Ordinary Shares to trading on AIM
Completion of the Placing and the Subscription is conditional upon, inter alia, the passing of the GM Resolutions by Shareholders at the General Meeting (expected to be held at 11.00 a.m. on 24 July 2026) and Admission. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 28 July 2026 (or such later time and/or date as the Joint Bookrunners and the Company may agree).
Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Launch Announcement, unless context provides otherwise.
The exchange rate used throughout this Announcement is GBP:USD 1.3162, being the exchange rate as at 4.30 p.m. on 24 June 2026.
| 2 | Reason for the notification | |
| a) | Position/status | a) Non-Executive Chairman b) Chief Executive Officer c) Non-Executive Director d) Non-Executive Director e) Non-Executive Director f) Senior Employee (PDMR) g) Non-Executive Director h) Senior Employee (PDMR) |
| b) | Initial notification/Amendment | Initial notification |
| a) | Name | Cirata plc |
| b) | LEI | 213800Y1A75RSC698O04 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 10p each ISIN: JE00B6Y3DV84 |
| b) | Nature of the transaction | Purchase of shares |
| c) | Price(s) and volume(s) | a) 166,666 Subscription Shares at a price of 15 pence per new Ordinary Share b) 166,666 Subscription Shares at a price of 15 pence per new Ordinary Share c) 166,666 Subscription Shares at a price of 15 pence per new Ordinary Share d) 66,666 Subscription Shares at a price of 15 pence per new Ordinary Share e) 50,000 Subscription Shares at a price of 15 pence per new Ordinary Share f) 25,346 Subscription Shares at a price of 15 pence per new Ordinary Share g) 100,000 Subscription Shares at a price of 15 pence per new Ordinary Share h) 50,693 Subscription Shares at a price of 15 pence per new Ordinary Share |
| d) | Aggregated information - Aggregated volume - Price - Aggregated total | n/a single transaction |
| e) | Date of the transaction | 25 June 2026 |
| f) | Place of the transaction | Off market transaction |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.