ACTA.L Regulatory News (ACTA)

28 Mar 2008 10:32

Acta S.p.A.28 March 2008 28 March 2008 Acta S.p.A ("Acta" or the "Company") Completion of Second Sumitomo Subscription of £2.3 million Acta announces the completion of the second tranche of the strategic investmentby Sumitomo Corporation, its Asian marketing partner ("Sumitomo"). Thecompletion of Sumitomo's investment raises a further £2.3 million for theCompany and, at current levels of cash consumption, will provide the Group withfunds to continue in operation through into 2010. Under the terms of the Subscription Agreement announced on 12 July 2007,Sumitomo agreed to subscribe for 4 million new ordinary shares in the Companyat a price of 115p per share (£4.6m), to be paid in two equal tranches. Thecompletion announced today concludes the second tranche of this investment, inaccordance with the terms of the Subscription Agreement. Following the completion of the second subscription, Sumitomo has a notifiableinterest of 4,000,000 ordinary shares, representing 9.78% of the enlarged sharecapital of the Company, which now comprises 40,995,126 ordinary shares in issue. Commenting on the Admission, Paolo Bert, Chief Executive, said: "We are verypleased to have completed this funding round and we now have sufficient fundsto meet our needs into 2010. The need for Acta's products grows ever stronger with continuing high oil prices and new initiatives to combat global warming." For further information please contact: Acta S.p.A Tel. + 44 (0) 20 7360 4900Toby Woolrych Smithfield Consultants Tel. +44 (0) 20 7360 4900George Hudson, Katie Hunt, Will Henderson Numis as Nominated Advisor and Broker Tel. +44 (0) 20 7260 1000Jag Mundi, David Poutney, Alex Ham This information is provided by RNS The company news service from the London Stock Exchange