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Sabien Technology Group PLC - Maidenhead, England-based energy efficiency technology - Proposes to raise GBP450,000 from investment by Executive Chair Richard Parris, who would buy 418.6 million new placing shares at 0.1075 pence each. The shares would come with an equal number of warrants to buy further shares at 0.05p, exercisable if Sabien shares close above 0.20p over five consecutive trading days. Calls February 22 general meeting to approve the arrangement, which Sabien says will leave it with a cash position of about GBP1.7 million and in a strong position to "execute its strategy". The agreement with Parris follows the company's raise of GBP1.3 million from the issue of convertible unsecured loan notes, accompanied by warrants. He will have 451.9 million shares, a 10.3% stake, following the placing.
Current stock price: 0.14p
By Tom Waite; thomaslwaite@alliancenews.com
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