7 May 2019 07:00
Certain information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon publication of this Announcement, this information is now considered to be in the public domain.
7 May 2019
Bidstack Group PLC ("Bidstack or "the Company")
Placing of 40 million shares to raise £5 million at 12.5 pence per share
The Directors of Bidstack Group PLC (AIM: BIDS.L), the native in-game advertising group, are pleased to announce that, further to the announcement made on 26 April 2019, the Company has raised £5m by way of a placing, with institutional and other investors, of 40 million new Ordinary Shares (the "Placing Shares") at a price of 12.5 pence per share (the "Placing").
The Placing is conditional on the admission of the Placing Shares to trading on AIM ("Admission"). Application will be made for the admission of the 40,000,000 Placing Shares to trading on AIM and it is expected that dealings in the Placing Shares will commence on or around 14 May 2019. On Admission the Placing Shares will rank pari passu with the Company's existing Ordinary Shares.
As part of the Placing Donald Stewart, Chairman of Bidstack, has subscribed for 160,000 Placing Shares and John McIntosh, Finance Director, has subscribed for 200,000 Placing Shares. Following the Placing Donald Stewart will be beneficially interested in 1,149,733 Ordinary Shares representing 0.48% of the issued share capital of the Company and John McIntosh will be beneficially interested in 200,000 Ordinary Shares representing 0.08% of the issued share capital of the Company.
On completion of the Placing and after the expenses of the issue the Company is expected to have unaudited available cash in excess of £6 million.
Commenting on the Placing, James Draper, CEO said: "The business is now entering a period of accelerated commercial and technical growth. I am pleased that the Placing gives us the financial resources to capitalise on our strong current position.
"I believe this will lead to an exciting period for those in and around the business and I look forward to sharing further information on significant team and commercial developments when I can. We're delighted with progress to date.
"I would like to thank our existing shareholders and our new investors for their support."
Total Voting Rights
Following admission of the Placing Shares, the total issued share capital of the Company will consist of 240,308,247 ordinary shares. As such the total number of voting rights in the Company will be 240,308,247 ordinary shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
~ENDS~
Contacts
Bidstack Group PLC
James Draper, CEO +44 (0) 7850 341 885
SPARK Advisory Partners Limited (Nomad)
Mark Brady/Neil Baldwin/James Keeshan +44 (0) 203 368 3550
Peterhouse Capital Limited (Broker)
Eran Zucker/Lucy Williams/Duncan Vasey +44 (0) 20 7409 0930
Alma PR
Josh Royston/Sam Modlin +44 (0) 203 405 0205
Notes to editors
Bidstack is an advertising technology company which provides dynamic, targeted and automated native in-game advertising for the global video games industry across multiple platforms. Its proprietary API technology is capable of inserting adverts into natural advertising space within video games across multiple video games platforms (mobile, PC and console).
Bidstack's customers are games publishers and developers and advertising agencies, brands and programmatic advertising platforms. Bidstack contracts exclusive access to the native in-game advertising space within video games from their developers or publishers and sells that advertising space either direct to specific brands and their agencies or through programmatic advertising platforms.