Applied Nutrition PLC Regulatory News (APN)

6 Dec 2007 07:01

Appian Technology PLC06 December 2007 Appian Technology plc - Ticker: APN / Index: AIM/ Sector: Electronic Appian Technology plc ("Appian" or the "Company") Placing raises £1.5 million Appian Technology plc, the AIM quoted provider of Automatic Number PlateRecognition ("ANPR") and traffic management products and solutions, is pleasedto announce that it has conditionally raised approximately £1.5 million throughthe placing of 36,913,700 new ordinary shares of 1p each (the "Placing Shares")at 4p per share (the "Placing Price") with existing and new institutionalinvestors, as well as certain directors of the Company (the "Placing"). The netproceeds of the Placing will be used for general working capital purposes. Appian Chairman Pat Ryan said, "The Company's pipeline of business is at an alltime high. We believe that this fundraising places the Company on a firmfinancial footing and should see the Company through to profitability. Appian isnow a recognised international brand in ANPR and traffic management. Our ANPRengine is a leading edge technology, which has been installed and trialledsuccessfully in numerous countries and been customised for many internationalmarkets. "The Company's addressable markets are expanding, showing strong potentialgrowth in the UK and internationally. Following an intensive developmentprogramme over the last 12 months, we now have a wider product portfolio,including both fixed site (Cobra, Stinger) and mobile (Viper and M Shark)applications. Management has been reorganised so that, following thisfundraising, I believe that the Company is well positioned to capitalise on thesignificant opportunities that exist in its sector. Furthermore, I am pleased to announce that the Company has commenced the search for a non-executiveChairman." As a result of a reorganisation during the year of the roles of staff of Genesis(UK) Limited ("Genesis"), it was agreed that any additional consideration forthe year ending 31 December 2007 payable in respect of the earn-out for theacquisition of Genesis would be based on profit before tax of £440,000, lessadjustments relating principally to any costs and provisions in connection withthe road user charging contract in Malta, and the amount of, and margin on,sales orders between 1 April and 31 December 2007. No additional considerationwas due or paid in respect of the earn-out for the acquisition of Genesis forthe year ended 31 December 2006. Further to its announcement of 27 September that trading in the financial yearended 30 September 2007 would be below market expectations, the Companyannounces that turnover for the financial year ended 30 September 2007 isexpected to be approximately £4.9 million with an estimated pre-tax loss ofapproximately £2 million before any final adjustments. As previously announced, significant progress had been made during the year inproduct and market development, and the Company still has a strong pipeline ofnew business prospects. However, the timing of the receipt of a number ofsubstantial orders, which had been expected to be secured in the second half ofthe year, had slipped. These potential orders, signing of which has beendelayed, remain live and there are a number of significant orders that theCompany believes it is close to securing. The Company intends to provide afurther update on trading and outlook at the time of its preliminary results forthe financial year ended 30 September 2007 in February 2008. The Placing is conditional, inter alia, on the admission of the Placing Sharesto AIM becoming effective ("Admission"). The Placing Shares, which willrepresent approximately 20.0% of the Enlarged Share Capital, will rank paripassu in all respects with the existing ordinary shares of 1p each in the sharecapital of the Company (the "Ordinary Shares"), including the right to receiveall dividends and other distributions declared following Admission. Applicationhas been made to London Stock Exchange plc for the admission to trading on AIMof the Placing Shares and dealings are expected to commence therein at 8.00 a.m.on 10 December 2007. Following Admission, the Company's issued share capital will comprise of 184,768,695 Ordinary Shares (the "Enlarged Share Capital"). As part of the Placing, certain directors of the Company have agreed tosubscribe for 2,750,000 Placing Shares, in aggregate at the Placing Price,representing approximately 7.4 per cent. of the Placing Shares. Pat Ryan,Executive Chairman, has subscribed for 2,250,000 Placing Shares and Peter Coylehas subscribed for 500,000 Placing Shares, all at the Placing Price. Oncompletion of the Placing, Pat Ryan will hold 7,275,619 Ordinary Shares,representing approximately 3.9 per cent. of the Enlarged Share Capital and PeterCoyle will hold 1,330,400 Ordinary Shares, representing approximately 0.7 percent. of the Enlarged Share Capital. * * ENDS * * For further information please visit www.appian-tech.com or contact: Pat Ryan Appian Technology plc Tel: 01628 554750Hugo de Salis St Brides Media and Finance Ltd Tel: 020 7242 4477Tom Griffiths Arbuthnot Securities Tel: 020 7012 2000 Notes to Editors Appian Technology Plc is a leading provider of Automated Number PlateRecognition (ANPR) based enforcement, crime reduction, counter terrorism (CT)and traffic management systems and products. It provides these products to adiverse growing global market, helping governments, local authorities, nationaland international police forces and commercial organisations in all aspects ofsecurity, surveillance and traffic management. Appian's key products include its world leading Talon ANPR software as well asthe recently launched range of Cobra ANPR cameras. The Company has an active R&Ddepartment, which continues to develop and customise new products for the globalmarkets. Arbuthnot Securities Limited ("Arbuthnot"), which is authorised and regulated inthe United Kingdom by the Financial Services Authority, is acting as nominatedadviser and broker exclusively for the Company and for noone else in connectionwith the Placing will not be responsible to any person other than the Companyfor providing the protections afforded to its customers or for advising anyother person on the Placing. The duties and responsibilities of Arbuthnot as the Company's nominated adviserunder the AIM Rules for nominated advisers are owed solely to London StockExchange and are not owed to the Company or to any Director or Shareholder ofthe Company or anyone else. Arbuthnot is not making any representation orwarranty, express or implied, as to the contents of this announcement. This information is provided by RNS The company news service from the London Stock Exchange