12 May 2006 07:00
Bond International Software PLC12 May 2006 12 May 2006 BOND INTERNATIONAL SOFTWARE PLC ("BOND") SHARE PLACEMENT TO RAISE £3 MILLION Bond is pleased to announce that it has entered into an agreement with itsnominated advisor and broker, Oriel Securities Limited ("Oriel"), under theterms of which Oriel will use its reasonable endeavours to place 2,608,696 fullypaid ordinary shares of 1p each (representing approximately 10% of the Company'scurrent pre-Placing issued share capital) ("Placing Shares") at a price of 115pence per ordinary share to raise approximately £3 million, before expenses ("Placing"). After completion of the Placing, the issued capital of the Companywill be 27,838,428 ordinary shares of 1p each. It is intended that the Placing Shares will be placed with institutionalinvestors in London through a process managed by Oriel. The Placing is conditional, inter alia, on admission of the Placing Shares totrading on the AIM market of the London Stock Exchange which is expected tooccur on 17 May 2006. From the date of issue the Placing Shares will rankequally with existing fully paid ordinary shares. The purposes of the Placing are to strengthen Bond's balance sheet so as topursue Bond's growth strategy as well as meet institutional demand for Bond'sstock. As a result of the Placing, Bond will have cash in the bank ofapproximately £5m. As and when suitable growth opportunities arise, includingthe possibility of further acquisitions, the Board believe that Bond will now bemuch better placed to negotiate and close such a transaction on the bestpossible terms to the benefit of Bond's shareholders. Commenting on the placement, Bond's Group Chief Executive, Steve Russell, statedthat: "We are delighted with the response we have had from investors. The placingwill strengthen our balance sheet which enables us to be more flexible whenpursuing future growth strategies". For further information please contact Bruce Morrison Bond International Software plc 01903 707070 Andrew Edwards Oriel Securities Limited 020 7710 7614 This information is provided by RNS The company news service from the London Stock Exchange