Thai shareholder pumps another million into Cyan
Cambridge RF network technology business CyanConnode has won fresh investment from a backer in Thailand.
The company, quoted on the UK’s AIM market, specialises in narrowband networks for Omni IoT communications.
It reveals that J. S. Technical Services (JST) has injected an additional£1.050 million via a subscription for Cyan shares.
JST invested £2m into CyanConnode equity in June and approached the group again to make a further equity investment to increase its holding.
The investment is being made by way of a subscription for ordinary shares at 0.18 pence per share. The issue price represents a discount of 2.70 per cent to the group’s mid-market closing price on September 30 – the last business day prior to the publication of the announcement.
Following admission, JST will own an 11.3 per cent stake in the company. The proceeds will be used for working capital.
John Cronin, executive chairman of Cyan, said: “I was delighted to be approached by JST wishing to make a further investment in CyanConnode as an extension to the funds they had already invested in June and the group is very appreciative of their continued support.
“Furthermore, we have a very strong working relationship with JST as we continue to develop the market in Thailand together as part of the group’s wider strategy of further expanding our geographic reach.”
CyanConnode gives customers the technology to converge networks for applications in smart cities and IoT.