Last checked at 30 Apr 2010 07:00
30th April 2010
Pursuit Dynamics PLC
("Pursuit" or "the Company" or "PDX")
Proposed placing
The Board of PDX, the developer of the PDX platform technology, has approved and is pleased to announce a proposed placing (the "Placing") of 4,000,000 new ordinary shares of 1p each in the share capital of the Company ("Placing Shares") at £2.50 per share; this will raise £10 million before expenses.
PDX has entered into a placing agreement pursuant to which the Placing Shares have been conditionally placed with institutional investors on behalf of the Company. Mirabaud Securities LLP, as brokers to the Company, arranged the Placing.
Roel Pieper, CEO of PDX, commented:
"I am delighted to be announcing this proposed placing that is at a premium to yesterday's closing share price and which will provide us with substantial capital to continue to invest in the exciting opportunities that our lines of business present. This fundraising demonstrates further the Company's strong shareholder support and I am looking forward to meeting our commercial objectives."
The Placing will provide PDX with additional capital to accelerate the development of the Company's core lines of business presented at the investor and analyst presentation on Tuesday of this week. These are decontamination, brewing, fire suppression and bio-fuels. The full statement providing an update on each of the lines of business was released on Tuesday 27th April.
Application has been made for the Placing Shares to be admitted to trading on AIM and it is anticipated that admission will become effective, and that trading in the Placing Shares on AIM will commence, on 6th May 2010.
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For Further Information, please contact:
Pursuit Dynamics PLC
Roel Pieper, Chief Executive Tel: +44 (0)1480 422050
Donald Bell, Chief Financial Officer
Financial Dynamics Ben Foster / Marc Cohen Tel: +44 (0) 20 7831 3113
Cenkos Securities plc
Ian Soanes / Max Hartley Tel: +44 (0)20 7397 8924
Mirabaud Securities LLP
Rory Scott Tel: +44 (0) 20 7878 3360
Notes to Editors
About PDX
·; Pursuit Dynamics PLC (AIM: PDX) owns and commercializes the PDX fluid processing reactor whose benefits include significant reductions in energy usage, process acceleration and result enhancement for industries such as Bio ethanol production, Food & Drink, Brewing, Fire Suppression and Decontamination.
·; Pursuit Dynamics is headquartered in Huntingdon, UK and has an office in Norwalk, Connecticut, USA.
·; Further information is available at the Company's website: www.pursuitdynamics.com or www.pdx.biz