15 May 2009 16:35
Rubicon Software Group Plc
Result of General Meeting
15 May 2009
Rubicon Software Group Plc (or "the Company"; AIM: RUBI), a leading provider of smart customer relationship management IT solutions, announces that at the General Meeting of the Company, held earlier today, all resolutions put to the meeting were duly passed.
As a result of this, the investment by Information Systems Associates Inc ("ISA"; OTCBB: IOSA), as announced on 20 April 2009, has been approved. The initial investment of £50,000 at 2p per share will be satisfied by the issue of 2,500,000 new ordinary shares of 1p each (the "Initial Investment Shares"). Application for admission of the Initial Investment Shares ("Admission") has been made and is expected to occur on 21 May 2009.
A second tranche of £50,000 at 2p per share subject to mutual agreement to be satisfied by the issue of a further 2,500,000 new ordinary shares of 1p each has also been approved and is to be drawn if so agreed between the parties within 90 days of 17 April 2009.
In addition it has been agreed that, subject to the investing party delivering new business to Rubicon, and subject to shareholder approval, it will be entitled to subscribe through warrants for 1 new ordinary share (each being a "Warrant Share") for every £1 of gross revenue delivered to Rubicon over a three year period commencing 17 April 2009 (being the "Share Subscription Period"). Each Warrant Share subscribed for shall be at a price of 5p. The number of Warrant Shares will be restricted to a maximum of 5,000,000 during the Share Subscription Period.
Following Admission, the Company will have 40,199,995 Ordinary Shares in issue. The Initial Investment Shares represent 6.22 per cent. of the enlarged issued share capital of the Company immediately following Admission and each of the Initial Investment Shares will be credited as fully paid and free from all liens, equities, charges, encumbrances and other interests and will, when issued, rank in full for all dividends and distributions thereafter declared, made or paid after Admission and otherwise rank pari passu in all respects with, and carry the same voting and dividend rights as, the existing Ordinary Shares.
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, the Company.
For further information, please contact:
Rubicon Software Group Plc
Rob Burnham, Non-executive Chairman
Alistair Hancock, Chief Executive Officer
Tel: 01276 706 900
www.rubiconsoftware.com
W.H. Ireland Limited
Tim Cofman/Katy Birkin
Tel: 0121 265 6330
Lothbury Financial
Michael Padley / Libby Moss
Tel: 020 7011 9411