24 Nov 2008 14:10
Vitesse Media Plc
Trading Update, Placing, Resignation of Director
Trading Update
Revenues for the Q3 trading period from 1 August to 31 October 2008 up 24.6% compared to the same period in 2007
Approximately £100k improvement in the bottom line for the quarter compared to the same period in 2007; September and October both showed a profit for the first time in 4 years
Strong performances in the period from Business XL, GrowthBusiness .co.uk, SmallBusiness.co.uk and Information Age
What Investment and M & A magazines showed a decline in advertising revenue.
Placing
The board of Vitesse Media plc ("the Company") (AIM:VIS), the online, events and publishing group, announces the placing of 1,098,210 ordinary shares at 16p per share in the capital of the Company (the "Placing Shares") to raise £175,714 (£167,942 net of expenses) ("the Placing"). The Placing Price of 16 pence per Placing Share represents a discount of 15.8 per cent to the closing middle market price of 19 pence per ordinary share on 21 November 2008, being the last business day before announcement of the Placing, which the Directors consider to be fair and reasonable given the size of the Placing.
The proceeds of the Placing will be used to fund investment into online assets and working capital for the group. The Placing Shares will represent 4.29 per cent. of the enlarged issued share capital of the Company and utilises the existing authority granted to the directors to issue shares.
As part of the Placing, A.Brode and P.R.T.Williams, non-executive directors of Vitesse, have agreed to subscribe for the following Placing Shares:
A.Brode P.R.T.Williams*
No. of Placing Shares 85,938 358,647
Holding following the 759,938 8,361,541
Placing
% of enlarged issued
share capital immediately
following the Placing 2.97% 32.66%
* jointly held with E.S.M. Williams
Application has been made for admission of the Placing Shares to trading on AIM and dealings in the shares is expected to commence at 8.00am on 28 November 2008. The Placing Shares will rank pari passu with the existing ordinary shares in the capital of the Company. The Placing is conditional upon the Placing Shares being admitted to trading on AIM.
Following the placing, the total number of voting rights in the share capital of the company for the purposes of the Disclosure and Transparency Rules will be 25,603,787 ordinary shares of 10 pence each. No shares are held in treasury.
Resignation of director
The board announces the resignation of Chris Ingram as a non-executive director. The board thanks him for the help and guidance he has given the Company during a difficult period and is delighted that Chris intends to remain an active and interested shareholder.
| Vitesse Media plc | |
| Sara Williams | 020 7250 4010 |
| Kym Kingwill | |
| | |
| KBC Peel Hunt (nominated adviser and broker) | 0207 418 8900 |
| Capel Irwin | |
| Daniel Harris | |
| | |
| Redleaf Communications | 020 7822 0200 |
| Emma Kane / Sanna Lehtinen / Michael Ward | |
About Vitesse Media Plc
Award-winning, AIM-listed Vitesse Media plc is a multi-platform media business boasting an array of market leading magazines, websites and events. Its focus is on the entrepreneurial sector, with an expert hub of information on AIM. Vitesse's websites include SmallBusiness.co.uk, GrowthBusiness.co.uk, GrowthCompany.co.uk, Whatinvestment.co.uk and MandAdeals.co.uk. Its magazine stable includes titles such Business XL, Growth Company Investor, M&A and What Investment. The high-profile Vitesse Events division produces the Quoted Company Awards, Investor All Stars, Growth Cycle Seminars, Media & Money and the Growth Company Investor Show. Every month, Vitesse Media reaches a targeted audience of around 670,000 people, consisting of CEOs, entrepreneurs, professional advisers, venture capitalists and other investors, both institutional and private.