SANDAL PLC
ISSUE OF EQUITY
The Directors of Sandal plc announce that the funding round conducted by SyndicateRoom on the Company's behalf has finally been concluded. Although the results were disappointing the announcement by HMRC that they were reconsidering EIS tax relief for new issues of shares by companies who have been trading for 12 years or more contemporaneously with the commencement of the Offer for Subscription was a major inhibiting factor in the amount raised by the Company.
On 7th July 2015 the Company issued 59,480 Ordinary shares at 19p each. The total number of Ordinary Shares in issue is increased to 16,443,902.This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the UK Financial Services Authority's Disclosure and Transparency Rules.
Commenting on this development Alan Tadd said "I am disappointed that the announcement of the potential restriction of EIS relief has put off potential investors. The Company continues to make headway and has sufficient funds to continue to develop."
The Directors of Sandal plc accept responsibility for this announcement.
Contacts:
| Alan Tadd, CE0 Unit 5 Harold Close The Pinnacles Harlow Essex CM9 5TH www.sandal-plc.co.uk | 01279 422022 |
| City & Merchant Ltd (Corporate Adviser) David Papworth Salisbury House 29 Finsbury Circus London EC2M 5QQ | 020 7101 7676 |
Note to Editors:
Sandal plc commenced business in 1996 and designs, develops and manufactures consumer electronics products. Its business is divided into two distinct product groups, PowerConnections, a long established wholesaler and reseller of a successful and patented range of converter plugs and power cables, and Energenie, which sells a newer product range that includes energy saving products, portable charging devices and the new MiHome range of products aimed at the "Home Automation" and "Internet of Things" marketplace.
PowerConnections is a supplier to customers, in the UK and abroad, of single-phase electrical connection products. The products are manufactured in three partner factories in the Far East and have distributors worldwide for its range of patented converter plugs. The Company's product portfolio consists of International Power Leads, Rewireable Plugs, Converters and Connectors. These products are stocked in the Far East, Australia and UK.
Energenie offers Eco and electrical, travel and energy saving products for homes and offices, reducing energy usage and the Home Automation sector. It has store listings for its current products with several large retailers including Homebase, Maplin, Amazon, Screwfix, Toolstation and ASDA. The new range of MiHome home automation products enables the remote operation of everyday household appliances and energy monitoring more accessible to consumers owing to better affordability and simplicity of control through smartphone and tablet connectivity.