Image Scan Holdings Regulatory News (IGE)

31 Mar 2005 09:15

Image Scan Holdings PLC31 March 2005 Under strict embargo to: 0915 Thursday 31st March 2005 IMAGE SCAN ANNOUNCES £874,000 PLACING AND 1:4 OPEN OFFER AT 7P PER SHARE SUBJECT TO EGM CALLED FOR 25 APRIL 2005 Image Scan Holdings plc (AIM: IGE), a provider of leading real-time multi-view,3D X-ray imaging solutions for the security and industrial inspection markets,today announces the successful placing, subject to the passing of the relevantresolutions at the EGM, of 12,486,313 shares at 7 pence with institutionalinvestors raising £874,042 before expenses for the Company. The Company also announces that a further 4,833,907 New Ordinary Shares are tobe made available to existing shareholders by way of an Open Offer, looking toraise a further £338,373 before expenses. The basis of the Open Offer will beone Open Offer Share for every four Existing Ordinary Shares held. A circular, setting out full details of the Placing and Open Offer, is beingposted to Image Scan Shareholders today, together with a copy of the Company'sAnnual Report and Accounts for the year ended 30 September 2004. The Placing and Open Offer follows a series of successful commercialdevelopments in the current financial year for Image Scan Holdings plc in thesecurity and industrial markets. These include the latest call-off of sixcameras in October 2004 under the agreement with Rapiscan for 150 units; a£600,000 order from Johnson Matthey in December 2004; the launch of the MDXIlaboratory industrial inspection unit in February 2005; and the first exportorder for an MDXI unit in March 2005. Ian Johnson, Chairman of Image Scan Holdings plc, commented: "The Board is excited by the opportunities the Group has and is encouraged bythe number and value of the enquiries and quotations currently being processed.The Company is now seeing strong growth in commercial orders. To obtain maximumbenefit from this position the Company requires additional funds to support boththe on-going working capital requirements of the Group to finance these ordersas well as to finance specific additional actions including increasing theGroup's market presence in the industrial sector." It is expected that the Placing and Open Offer shares will be admitted to AIM on28 April 2005 with dealings in the new ordinary shares commencing on that date,subject to the passing of the relevant resolutions at the EGM called today bythe Company to take place at 3.00 pm on 25 April 2005 at Centurion House, 37Jewry Street, London EC3N 2ER. The Inland Revenue has indicated that the new ordinary shares should qualify forEIS relief, where investors subscribe for a minimum £500. Indication has alsobeen given that the new ordinary shares should qualify for VCT Schemes. Stockbroker to the Placing and Open Offer is Keith, Bayley, Rogers & Co. Limitedand the Nominated Adviser is ARM Corporate Finance Limited. Applications for theOpen Offer need to be returned to Keith, Bayley, Rogers & Co. Limited no laterthan 3.00 pm Friday 22 April 2005. About Image Scan Holdings plc Image Scan Holdings plc (AIM: IGE) is focused on the development andcommercialisation of market leading real-time 3D and 2D x-ray solutions for usein the global industrial and security inspection markets. The Company'sindustrial inspection solutions include the MDXI unit and the in-line DEX camerasolutions. The Company's security inspection solutions feature the unique 3Dbaggage inspection system, the AXIS-3D(R) marketed by Rapiscan as their 3DSP,and the new PanDEX portable inspection unit for bomb disposal and otherexplosives and ordnance detection applications. For further information on the Company, please visit www.ish.co.uk, and forfurther information on its products, please visit www.3dx-ray.com. - ends - Further Information: Nicholas Fox (Chief Executive Image Scan Holdings) 01664 503 600Howard Drummon (Keith, Bayley, Rogers & Co.) 020 7871 2232Toby Hall/Jade Mamarbachi (gth media) 020 7153 8039/8035 This information is provided by RNS The company news service from the London Stock Exchange