Last checked at 25 Feb 2011 07:00
25 February 2011
AIM: ALT
Altitude Group Plc("Altitude" or the "Group")
Subscription to raise £0.92 million
The Directors of Altitude are pleased to announce that, in response to investor demand and using its current shareholder authorities to issue new shares, Altitude has raised £916,800 before expenses pursuant to a subscription ("Subscription") by new and existing investors for 3,820,000 new ordinary shares of 0.4 pence, at 24p per share ("Subscription Shares"). The funds raised from the Subscription will give Altitude the flexibility to pursue a number of organic and acquisition opportunities, which it is currently examining, particularly in relation to its Trade Only business in the US, and will also strengthen the Group's balance sheet.
The Subscription is conditional, inter alia, on admission of the Subscription Shares to trading on AIM, which is expected to become effective on 28 February 2011. The Subscription Shares will rank pari passu with the Company's existing ordinary shares in issue. Following the issue of the Subscription Shares, the total number of shares in issue will be 42,023,480. The above figure may be used by shareholders in the Company as the denominator for the calculation 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.
Colin Cooke, Chairman of Altitude, said:
"We are delighted to be broadening our shareholder base through this subscription which will give us increased flexibility in financing our growth."
Enquiries:
Altitude Group plc | |
Colin Cooke (Chairman) | Tel: 0870 224 6677 |
Martin Varley (Chief Executive) | Tel: 07912 599 012 |
Merchant Securities Limited | |
Lindsay Mair / Bidhi Bhoma | Tel: 020 7628 2200 |
Notes:
Altitude Group plc has two distinct but related businesses. The Promotional Marketing division is one of the UK's leading providers of promotional merchandise to corporate and trade customers and has been built through a combination of organic growth and bolt-on acquisitions. The Exhibitions and Technology division (Trade Only) provides various marketing and technology tools to both suppliers and distributors operating in the promotional merchandise industry. This division organises the UK's biggest trade show for promotional products and offers a suite of "Cloud" and Server based software to companies of all sizes in the sector.