BOU.L Regulatory News (BOU)

14 Feb 2008 07:00

Enfis Group PLC14 February 2008 Enfis Group plc ("Enfis" or the "Company") Pre-emptive Institutional placing Enfis (AIM:ENF), which designs, develops and manufactures intelligent high-powerlight emitting diode arrays and smart light engines, announces that, in order tosatisfy institutional demand, it has conditionally raised £538,388 (beforeexpenses) by way of a placing (the "Placing") of 446,803 new ordinary shares of10p each (the "Placing Shares"). The Placing Shares, which will represent c.4.8%of the Company's issued share capital immediately following the Placing, havebeen placed with two institutional investors by Noble & Company at the closingmid -market price on 13 February 2008 of 120.5p. The net proceeds of the Placing will strengthen Enfis' balance sheet to furtherextend the penetration and distribution of Enfis' products into the market. Therepresentative office set up in China has proved important in developing directrelationships with customers in the Far East and the additional funding is goingto accelerate similar plans for North America. Following completion of the Placing, Enfis will have 9,382,863 ordinary sharesin issue. Admission of these Ordinary Shares is expected to become effective on21 February 2008. The Placing is conditional, inter alia, upon Admission. ThePlacing Shares will, when issued and fully paid, rank pari passu in all respectswith the existing ordinary shares of the Company. Enfis has developed its business considerably since its admission to AIM inMarch 2007. The targeted sales distribution network is now in place and theBoard expects products to be launched by luminaire manufacturers and integratorsin this financial year. The Company has successfully implemented and qualifiedthe outsource volume manufacturing model and when major contracts are signed theBoard believes the Company is well placed for volume production. Shaun Oxenham, Chief Executive Officer of Enfis, said: "We are extremely pleasedto be able to help satisfy institutional demand for our shares in this way. Thepositive impact on the balance sheet will provide additional resources for thedevelopment of the business as well as demonstrating a stronger financialcommitment to our global partners." Enquiries: Enfis Group plc Tel: 01792 485660Shaun Oxenham, Chief Executive OfficerGiles Davies, Chief Financial Officer Noble & Company Limited Tel: 020 7763 2200John Llewellyn-Lloyd / Andy Yeo Pelham PR Tel: 020 7743 6670Archie Berens / Robert Koh This information is provided by RNS The company news service from the London Stock Exchange