Last checked at 15 Jul 2013 15:24
15 July 2013
Forbidden Technologies plc
("Forbidden" or the "Company")
Result of General Meeting
On 20 June 2013, Forbidden Technologies plc announced details of a Placing and Open Offer in which it had conditionally raised proceeds of up to £9.0 million before expenses. On 12 July 2013, the Company announced that it had received valid acceptances in respect of 4,557,778 new Ordinary Shares pursuant to the Open Offer and therefore the total amount being raised is £8.9 million before expenses.
The Board is pleased to announce that today, at a General Meeting of the Company, shareholders approved all the resolutions by the relevant majorities. Therefore, the Placing and Open Offer are now unconditional, save for the admission of the new Ordinary Shares.
The Company has applied for admission to trading on AIM for both the 4,557,778 new Ordinary Shares to be issued pursuant to the Open Offer and the 1,470,000 new Ordinary Shares to be issued to VCT investors in the Firm Placing. It is expected that these new Ordinary Shares will become effective and dealings will commence at 8.00 a.m. on 16 July 2013. The Company has also applied for admission to trading on AIM for the 38,530,000 new Ordinary Shares to be issued to non-VCT investors pursuant to the Firm Placing. It is expected that these new Ordinary Shares will become effective and dealings will commence at 8.00 a.m. on 17 July 2013.
In addition, certain Directors applied for and received new Ordinary Shares pursuant to the Open Offer. The resultant shareholding of each Director is outlined below.
Director | Current shareholding | Current % holding | Open Offer uptake | Shareholding following Open Offer
| % holding after Second Admission |
Stephen Streater | 62,700,000 | 71.9% | 0 | 62,700,000 | 47.6% |
Vic Steel | 1,099,500 | 1.3% | 0 | 1,099,500 | 0.8% |
Phil Madden | 257,638 | 0.3% | 51,528 | 309,166 | 0.2% |
Greg Hirst | 253,100 | 0.3% | 130,914 | 384,014 | 0.3% |
David Main | 190,000 | 0.2% | 60,000 | 250,000 | 0.2% |
Following Second Admission, the Company will have 131,814,778 Ordinary Shares in issue, all with voting rights. The Company holds no Ordinary Shares in treasury. The total number of current voting rights in the Company will therefore be 131,814,778 shares.
The above figure (131,814,778 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FSA's Disclosure and Transparency Rules.
For more information, please visit www.forbidden.co.uk or contact:
Forbidden Technologies plc
Stephen Streater, CEO
Tel: +44 (0)20 8879 7245
Cenkos Securities plc, Nominated Adviser and Broker
Adrian Hargrave, Corporate Finance
Alex Aylen, Sales
Tel: +44 (0)20 7397 8900
Bishopsgate Communications
Nick Rome / Sam Allen / Matthew Low
Tel: +44 (0)20 7562 3350
forbidden@bishopsgatecommunications.com
Notes for editors
About Forbidden Technologies
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000. The Company develops and markets a powerful cloud video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers. FORscene is one of the world's most advanced browser-based and mobile applications.