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18 March, 2016 - 12:04 By Kate Sweeney

New investors boost Cyan £450k raise

cyan, john cronin

Smart metering and lighting technology business Cyan has raised £450,000 through a new issue of ordinary shares.

John Cronin, executive chairman of the Cambridge UK wireless business, said a mixture of new and existing investors participated. The proceeds were designated for working capital.

“I was delighted to be approached by new investors wishing to take advantage of the EIS tax relief available through investments in Cyan during the tax year ending on April 5,” he said.

“I was particularly pleased that we were able to secure these investments at a premium to the current share price. I’d like to welcome our new shareholders and thank the existing shareholders for their continued support.”

AIM-quoted Cyan is an integrated system and software design company delivering mesh based flexible wireless solutions for utility metering and lighting control and is making strides in Asia and the Middle East – the latter through one of the first orders in Iran since trade sanctions against the country were lifted.

Cyan has received HMRC confirmation that the subscription shares will qualify for EIS tax relief under the company’s existing EIS headroom of up to £12.6 million – of which £3.9m is available in the 12 months to June 2016; also, £535k remains available at the issue price under the general authorities granted to the board of directors in June 2015.

It is expected the shares will be admitted to trading on AIM  when the market opens on March 23.

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