Riddler-Good Morning7 Dec 2012 07:04
RNS Number : 9744S
Plant Impact PLC
07 December 2012

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, TO US PERSONS OR INTO THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF IRELAND, SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION WHERE THE RELEASE, PUBLICATION OR DISTRIBUTION OF THIS ANNOUNCEMENT IS NOT PERMITTED BY APPLICABLE LAW OR REGULATION
Plant Impact plc
("Plant Impact" or the "Company")
Completion of a £1,255,000 Placing and announcement of an
Open Offer of up to 5,044,463 Ordinary Shares
The Company announces that it has completed a placing, subject only to Admission (as defined below) through WH Ireland Limited, to raise approximately £1,255,000 from the issue of 8,964,283 new ordinary shares ("Ordinary Shares") at a price of 14p per share (the "Placing"). Application has been made for the new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 13 December 2012 ("Admission").
Following the Placing, the number of Ordinary Shares in issue will increase to 59,408,922.
In addition, the Company also announces a share issue to raise up to approximately £706,225 (before expenses) through the issue of up to 5,044,463 new Ordinary Shares by way of an open offer at 14 pence per new Ordinary Share (the "Open Offer") The Open Offer is being made on the basis of 1 Ordinary Share for every 10 Ordinary Shares held and Shareholders will be able to apply for more Open Offer Shares pursuant to the Excess Application Facility.
Following the Open Offer (assuming full take-up), the number of Ordinary Shares in issue will increase to 64,453,385.
A circular will be posted today to Shareholders (the "Circular"). The Circular sets out in more detail the background to and reasons for the Open Offer and its terms. All capitalised terms in this announcement are as defined in the Circular which will be available on the Company's website at www.plantimpact.com.
Investment in Open Offer Shares may qualify for VCT and EIS relief. The attention of Shareholders is drawn to the information on taxation contained in the Circular.
John Brubaker, Chief Executive Officer of Plant Impact commented "We are delighted to have secured investor support in a placing at this level. Following a year of work to re-structure and re-position the Company, we will now be able to direct resources behind selected sales and marketing programmes for the 2013 season with the aim of delivering growth and self-sustaining profitability. In line with the Board's deep commitment to our entire shareholder base, both private and institutional, we are also raising additional growth capital via an Open Offer at the same price as the Placing."
Use of Proceeds
Converting good field trial results showing product performance into sales, requires c