Placing of New Ordinary Shares and Progress Update
@UK PLC (AIM:ATUK.L), the cloud ecommerce marketplace, is pleased to announce that it has raised approximately £0.3 million by way of a subscription of 2,781,818 new ordinary shares of 1p each ("Ordinary Shares") at 11p per share by an institutional investor (the "Subscription").
The Subscription has been priced at a discount of 7.4 per cent. to the mid-market price of the Ordinary Shares as at 24 February 2012, being the last business day before the day of this announcement. The proceeds of the Subscription will be used to provide additional funds for marketing, sales and working capital.
Since its fund raising in December 2011, @UK has recruited and trained a team of 6 sales people. The team is making rapid progress through the Company's prospect list and the first sales people have completed the full cycle of prospect, lead, meeting, contract, purchase order, delivery and invoice.
Application has been made for the 2,781,818 new ordinary shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and trading is expected to commence on 28 February 2012.
Ronald Duncan, Executive Chairman, commented: "We are delighted to welcome a new institutional investor as a shareholder. These funds along with those raised in December will further strengthen our balance sheet and enable us to maximise our extensive sales opportunities. We are experiencing strong demand for our services and our new sales process is delivering a much faster conversion rate."
Total Voting Rights
Following completion of the Subscription, @UK will have an issued share capital of 77,549,270 Ordinary Shares. 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 to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.
Following completion of the Subscription, Ronald and Lyn Duncan's family holdings in the Company remain at 20,762,109 Ordinary Shares, representing approximately 26.77% of the issued share capital.
Ronald Duncan, Chairman
Tel: 0118 963 7000
Westhouse Securities Limited
Tel: 020 7601 6100
Caroline Evans-Jones/ Alex White
Tel: 020 7653 9850
@UK is Europe's leading Cloud Platform with over 1 million users, which is used for University and Colleges' procurement along with Local Authority, Schools and other Government and Private sector procurement and available under all 4 lots of the G-Cloud Framework.
The GeM marketplace for Universities on Colleges is the only card based national marketplace in the world and was successfully delivered for the 800 Universities and Colleges and the 680 National Suppliers, proving that Cloud Ecommerce delivers large complex projects for Government on time and budget.
Richard Benyon MP Minster for the Natural Environment, launched the @UK Green Ecommerce Marketplace back in October 2010, and it is now the largest repository of product carbon footprints in the World.
@UK was used by the National Audit Office to identify over £500 million in savings for 25% of NHS spend. The ground breaking SpendInsight system used to identify the savings resulted in the award of 2 PhD's in artificial intelligence.
@UK delivers key government commitments of Savings Sustainability, and SME Inclusion along with support for start-ups. @UK PLC has now created over 200,000 start up businesses and has a Cloud-Start-Up.com service to provide a complete suite of cloud business software to start-ups along with the essentials of Limited Company, Bank Account, Domain Name, Email, Ecommerce, Accounting system and membership of the @UK business club.
This is part of the recently launched 2012StartUp.com campaign supported by the London Stock Exchange AIM Market, the Forum of Private Business and software industry association BASDA.
@UK has 6 key competitive advantages
· SpendInsight uses unique artificial intelligence to automatically identify savings and is available on a national framework contract
· Ecommerce Marketplace realises the savings through correct pricing vs catalogue marketplaces which are unable to support carriage, or complex pricing
· GreenInsight provides unique sustainability analysis and
· Hybrid Carbon Footprints enabling universal carbon footprints at a price break through of £4 per item
· High performance cloud technology underpinning the system
· Start up service allowing start ups to immediately start trading
@UK is included in the Software and Computer Services Sector (9530).
For further information please visit the @UK PLC websites
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