INC.L Regulatory News (INC)

6 Dec 2007 10:35

Avanti Screenmedia Group PLC06 December 2007 For immediate release 6 December 2007 Avanti Screenmedia Group plc ("Avanti" or the "Company") Placing of 2.15 million New Ordinary Shares Avanti Screenmedia Group plc, the AIM listed leading digital screen mediaspecialist, announced that it has today raised a further £150,500 through aplacing of a 2,150,000 new ordinary shares at 7 pence per share (the "PlacingShares"). The placing price represents a discount of approximately 25% per cent. to theclosing mid market price of the ordinary shares on 5 December 2007. The netproceeds of the placing of approximately £144,500 will supplement the workingcapital requirement of the Company. This placing follows earlier fund raisings announced on 26 September and 30November which were considered and approved at the Shareholders' General Meetingheld on 18 October. During the current financial year Avanti has raised £1.14million to fund the Company's working capital requirement and for the continuingdevelopment of the business. The Placing Shares shall rank pari passu in all respects with the existingordinary shares. Application has been made to the London Stock Exchange plc forthe Placing Shares to be admitted to trading on AIM ("Admission"). Subject toAdmission becoming effective, it is expected that dealing in the Placing Shareswill commence on 13 December 2007. Following Admission of the Placing Shares,the Company will have 40,986,073 ordinary shares in issue. - ends - Enquiries: Avanti Screenmedia Group plc 0207 902 2345Simon Rees, Chief ExecutiveGary Truman, Finance Director Charles Stanley Securities 020 7149 6000Nominated AdviserRussell Cook / Freddy Crossley Bishopsgate Communications Limited 020 7562 3355Jenni Herbert This information is provided by RNS The company news service from the London Stock Exchange