Last checked at 21 Sep 2009 07:00
ARCONTECH GROUP PLC
("Arcontech" or the "Group")
Placing to raise £1.55 million
Arcontech Group plc (AIM: ARC), a provider of enterprise real-time software solutions to the investment banking and broking sectors, is pleased to announce that it has raised £1.55 million by way of a placing of new ordinary shares by Astaire Securities.
Placing Highlights
776,635,000 new ordinary shares ("Placing Shares") of 0.1 pence each are to be issued at a price of 0.2 pence per share, raising £1,553,270 ("the Placing").
The size of the placing was increased owing to strong demand from placing participants.
The proceeds of the Placing will be used to increase sales and marketing resources to support recent product development and to provide working capital.
576,885,000 of the Placing Shares are being issued under existing share authorities, and application has been made for these shares to be admitted to trading on AIM on 24 September 2009.
Following admission of the 576,885,000 new ordinary shares on 24 September, which will rank pari passu in all respects with the existing ordinary shares of the Group, Arcontech's total issued and voting share capital will comprise 1,331,564,870 ordinary shares. The 576,885,000 new ordinary shares will comprise 43.3% of the Group's total issued and voting share capital.
Following admission of the remaining 199,750,000 new ordinary shares that is expected to occur following the AGM, Arcontech's total issued and voting share capital will comprise 1,531,314,870 ordinary shares.
Certain of the directors of Arcontech, being Richard Last, Andrew Miller, Louise Barton (via her husband, Mr. Brian D. Newman) and Michael Levy have participated in the Placing and have subscribed for 50,000,000, 16,500,000, 75,000,000, and 500,000 Placing Shares, respectively. The issue of these shares is not subject to shareholder approval. Astaire Securities Plc, the nominated adviser and broker to Arcontech, has consulted with the Directors of Arcontech and consider the terms of the Placing to be fair and reasonable insofar as the shareholders of Arcontech are concerned.
Following the admission to trading on AIM of the 576,885,000 new ordinary shares on 24 September, the interests of those Directors participating in the Placing in the Company will be as follows:
| | No of Shares | % of total issued Share Capital |
| | | |
| Richard Last | 75,350,000 | 5.66% |
| Andrew Miller | 45,355,975 | 3.41% |
| Louise Barton (and her husband, Mr. Brian D. Newman) | 118,927,000 | 8.93% |
| Michael Levy | 1,286,960 | 0.10% |
Richard Last, Chairman of Arcontech, said:
"I am very pleased with the support we have received for this placing, the monies from which will fund our increased sales and marketing activities and provide additional working capital."
For further information please visit www.arcontech.com or contact:
| Arcontech Group plc Andrew Miller, Chief Executive Richard Last, Chairman | 020 7256 2300 01608 683 108 |
| Astaire Securities Plc Shane Gallwey | 020 7448 4400 |