Strat Aero PLC (LON:AERO), an international aerospace company focused on the rapidly emerging Unmanned Aerial Vehicle (‘UAV’) sector, yesterday announced that it has signed a legally binding agreement (‘the Agreement’) to settle all its outstanding debts totalling US$387,000 with Mr Russell Peck, a former Director of the Company and its US subsidiary Strat Aero, Inc and one of its largest creditors.
Under the terms of the Agreement, in return for Mr Peck waiving Strat Aero’s obligation to repay the full outstanding US$387,000 owed, Strat Aero will issue Mr Peck with 74,189,480 New Ordinary Shares in the Company (‘the New Shares’. In addition, while the Company continues to wind down its US corporate entities (as previously announced), it has agreed to continue to indemnify Mr Peck against any personal liabilities that may arise in relation to his previous role as a former officer of the Company.
Iain McLure, CEO of Strat Aero plc, commented, “Today’s agreement represents a major milestone for Strat Aero as it significantly strengthens the Company’s balance sheet by removing one of its largest creditors on favourable terms for Strat Aero. Since I joined as CEO, my focus has been to put the Company on a sound financial footing so that it can capitalise on the unique experience and skillset of its personnel in providing value-add UAV based services and solutions. Together with the tight management of our cost base, the consolidation of our offering into our core Training & Education and Surveying & Inspections divisions, and our recent Placing and proposed Open Offer, we are well on the way to achieving this.”
Details of the New Shares
Application will be made for the New Shares, which will rank pari passu with the existing shares, to be admitted to trading on AIM (“Admission”). It is expected that Admission will become effective and dealings will commence in the New Shares on or around 11 December 2017.
Total Voting Rights
Following the issue of the New Shares, the issued share capital of the Company will consist of 3,724,189,028 Shares. No Shares were held in treasury at the date of this announcement. The total current voting rights in the Company are therefore 3,724,189,028.
The above total current voting rights number is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in the Company.