Issuance and Award of Ordinary Shares and Ordinary Share Options
SocialGO, the AIM-quoted developer and provider of software which allows groups to build their own on-line social networks, held a general meeting on 28 February 2011 at the offices of Faegre & Benson LLP, 7 Pilgrim Street, London EC4V 6LB.
The Chairman is pleased to announce that the Shareholders of the Company unanimously passed a resolution approving the issuance of 45,271,186 fully paid Ordinary Shares of 1.00p each ("Ordinary Shares") in the Company thereby raising £1,335,500.00.
The Company has also issued 598,802 Ordinary Shares to First Columbus LLP following their appointment as Co-Broker to the Company. 5,883,333 Ordinary Shares have also been issued to the vendors of Get On With It Limited ("GOWIT"), which includes two SocialGO Directors, pursuant to the acquisition of GOWIT by the Company as was announced by the Company on 24 December 2009.
Placing of New Ordinary Shares
The Board of Directors of the Company is pleased to announce that, at a general meeting of the Company held on 28 February 2011, the Shareholders of the Company unanimously passed a Resolution approving the issuance of 45,271,186 new ordinary shares of 1 penny each ("Ordinary Shares") at a price of 2.95 pence per share ("the Placing"), thereby raising £1,335,500 of new equity capital before expenses. The Ordinary Shares that are the subject of the Placing will be admitted to trading on AIM with effect from 4 March 2011.
The net proceeds raised through the Placing will be used to provide additional working capital for the Company to fund the continued development and launch of SocialGO(TM) version 2, which in the Directors' opinion will significantly move the business forward.
Issue of Ordinary Share to First Columbus LLC
The company issued 598,802 new Ordinary Shares at a price of 3.34p to First Columbus LLC in settlement of annual broker fees. Application has been made for the 598,802 Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 4 March 2011.
Issue of Ordinary Shares to the vendors of GOWIT
As was announced by the Company on 24 December 2009 the vendors of GOWIT, including two SocialGO plc Directors, are entitled to awards of Ordinary Shares pursuant to the acquisition of GOWIT by the Company. In each case the issue of the shares which are the subject of the award is conditional upon the Directors continuing in the employment of the Company for a pre-determined period of time. The period of time of continuing employment in respect of which some of the Ordinary Shares were to be granted has now elapsed and consequently a total of 5,883,333 Ordinary Shares have now vested in favour of the vendors of Gowit, 5,219,298 of which have now vested in favour of SocialGO Directors under these awards as follows:
Name of Director
Position of Director
Number of Ordinary Shares issued 12 January 2011
Remaining Ordinary Shares to be issued between 12 January 2012 and 12 January 2014 under the GOWIT acquisition agreement
Following this award, Mr Halliday now holds 19,755,590 Ordinary Shares in the Company, representing 4.44% of the enlarged issued share capital.
Following this award, Mr Hardman now holds 18,257,342 Ordinary Shares in the Company, representing 4.10% of the issued share capital.
As a result of the award application has been made for the admission of 5,883,333 Ordinary Shares to be admitted to trading on AIM. Trading is expected to occur on 4 March 2012.
Pursuant to the issuance of the Ordinary Shares in connection with the Placing, to First Columbus LLC and to the vendors of GOWIT, the Company will have 445,245,407 Ordinary Shares in issue.
SocialGO will release the financial results for the 9 month trading period ended 31 December 2010 on or before 31 March 2011.
SocialGO Plc is a developer and provider of software as a service which allows groups to build their own online social networks, SocialGO™. SocialGO's software allows customers to quickly and easily create, manage and control their own private social network and provides the members of these networks with the ability to communicate and share with like minded people in a controlled and secure environment. SocialGO derives its revenues from subscription premiums paid by network owners and from selling value added services which allows network owners to maximise the social networking experience and the revenues that can derive from creating and managing a social network. SocialGO is part of the burgeoning Silicon Roundabout in London, UK.
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