ELE.L Regulatory News (ELE)

2 Sep 2009 11:24



2 September 2009

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, JAPAN, CANADA, AUSTRALIA OR THE REPUBLIC OF IRELAND

Electric Word plc

("Electric Word" or the "Company")

Result of General Meeting

Electric Word plc (AIM: ELE), the specialist information publisher, is pleased to announce that the resolutions proposed at the Company's General Meeting held earlier today relating to the placing of new ordinary shares announced on 13 August 2009 was duly passed by Shareholders.

Pursuant to the Placing, Electric Word has raised £2.70 million before expenses through a placing of 74,482,759 new ordinary shares ("the Placing Shares") at 3.625 pence each. 27,172,414 of the Placing Shares were admitted to trading on 20 August 2009. 

47,310,345 new ordinary shares, representing the balance of the Placing Shares, and 6,603,773 new ordinary shares (the "Conversion Shares") arising from the conversion by Sussex Research of A Preference Shares were allotted immediately after the General Meeting. Application has been made to the London Stock Exchange for the Admission of the balance of the Placing Shares and the Conversion Shares to trading on AIM and they are expected to be admitted to trading on AIM on 3 September 2009.

The total number of ordinary shares in issue after the allotment of all the Placing Shares and the Conversion Shares will be 228,750,973 with each ordinary share carrying the right to one vote. There are no shares held in treasury. The total number of voting rights in the Company will therefore be 228,750,973.

The above figure 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, Electric Word under the FSA's Disclosure and Transparency Rules.

Julian Turner, Chief Executive of Electric Word commented, "The Board welcomes the successful completion of the Placing. The significant reduction in net debt and improved working capital position will greatly support Electric Word in taking advantage of growth opportunities in the future. We are also pleased to acknowledge the support for the fundraising from AIM VCT funds, which accounted for £1.8m (66%) of the £2.7m raised."

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This announcement has been issued by, and is the sole responsibility of, Electric Word. This announcement does not constitute an offer to underwrite, subscribe or otherwise acquire or dispose of any new Ordinary Shares or other shares in Electric Word.

The Ordinary Shares have not been, and will not be registered under the United States Securities Act of 1933, as amended (the 'Securities Act') or under the securities legislation of any state of the United States of America, and may not be offered or sold in the United States. The relevant clearances have not been, and will not be, obtained from the Securities Commission of any province or territory of Canada; no document in relation to the Placing has been, or will be, lodged with, or registered by, The Australian Securities and Investments Commission; no registration statement has been, or will be, filed with the Japanese Ministry of Finance in relation to the Placing; and no registration statement has been, or will be, filed with the Irish Stock Exchange in relation to the Placing. Accordingly, subject to certain exceptions, the Ordinary Shares the subject of the Placing may not, directly or indirectly, be offered or sold within the United States, Canada, Australia, Japan or the Republic of Ireland or offered or sold to a resident of the United States, Canada, Australia, Japan or the Republic of Ireland.

This press release may contain forward-looking statements with respect to Electric Word and its operations, strategy, financial performance and condition. These statements generally can be identified by use of forward looking words such as "may", "will", "expect", "estimate", "anticipate", "intends", "believe" or "continue" or the negative thereof or similar variations. The actual results and performance of Electric Word could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the transactions contemplated herein are completed. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, changes in government regulation. The cautionary statements qualify all forward-looking statements attributable to Electric Word and persons acting on its behalf. Unless otherwise stated, all forward-looking statements speak only as of the date of this press release and the parties have no obligation to update such statements.

Panmure Gordon (UK) Limited is authorised and regulated in the United Kingdom by The Financial Services Authority, is advising Electric Word and no-one else in connection with the Placing and will not be responsible to any person other than Electric Word for providing the protections afforded to their clients or for advising any other person in relation to the Placing.