Last checked at 2 Dec 2016 07:00
2 December 2016
Mobile Streams plc
("Mobile Streams" or the "Company")
Successful fundraising of £2.2m
Mobile Streams (AIM: MOS) yesterday announced the launch of a proposed placing and offer for subscription in respect of 39,418,000 Ordinary Shares at a price of 4 pence per Ordinary Share.
The Company is delighted to announce that following excess demand, the overall size of the Fundraising has been increased. The Company has therefore conditionally raised gross proceeds of £2.2 million through the successful placing and offer of 54,479,250 Ordinary Shares (the "New Shares") at a price of 4 pence per New Share (the "Fundraising").
The net proceeds of the Fundraising will be used to finance the rapid growth in working capital required by the Company's plans and to enable the Company to commit to its proposed marketing spend in India through to the end of the Company's next financial year in 2018.
The Company currently has limited authority to issue new Ordinary Shares for cash on a non-pre-emptive basis. Accordingly, 3,627,000 of the New Shares (the "Initial Shares") will be issued under the Company's existing shareholder authorities and an application will shortly be made to the London Stock Exchange for these shares to be admitted to trading on the AIM Market. It is expected that admission of the Initial Shares will become effective on or around 15 December 2016.
The remainder of the Fundraising (excluding the Initial Shares), namely 50,852,250 New Shares, is conditional on, inter alia, the passing of the Fundraising Resolutions to be proposed at a general meeting expected to be held at the offices of Memery Crystal LLP, 44 Southampton Buildings, London WC2A 1AP at 12.00 pm on 19 December 2016 (the "General Meeting"). A circular which will provide further details of the Fundraising and will include a notice convening the General Meeting (the "Circular"), is expected to be sent to shareholders and be available on the Company's website in the coming few days.
Simon Buckingham, Chief Executive Officer, said: "We are delighted with the demand that we have received for this fundraising, especially the continuing support of individual investors who have subscribed. As a mobile technology company, it seems only fitting that 43% of subscribers on PrimaryBid did so via mobile devices. The capital raised which will provide us with the working capital we require to commit to our planned marketing spend in India through to the end of the Company's next financial year in 2018. I would like to thank our customers, shareholders and employees for their continuing support."
Directors' interests
In addition, the Company announces that that Simon Buckingham, Chief Executive Officer, has participated in the Fundraising in the amount of 2,003,000 Ordinary Shares.
Immediately following Admission, Simon Buckingham will hold 12,385,500 Ordinary Shares, representing 13.52 per cent. of the then issued share capital.
The participation by Simon Buckingham in the Fundraising constitutes a related party transaction for the purposes of the AIM Rules. The independent directors for the purposes of the Fundraising (being the all of the remaining Directors save for Simon Buckingham), having consulted with the Company's nominated adviser, N+1 Singer, consider that the terms of the related party transaction are fair and reasonable insofar as the Shareholders are concerned.
Expected timetable
Posting of the Circular and Form of Proxy | 2 December 2016 |
Admission and commencement of dealings in theInitial Shares
| 15 December 2016 |
Latest time and date for receipt of Forms of Proxyfor the General Meeting
| 12.00 p.m. on 15 December 2016 |
Time and date of General Meeting | 12.00 p.m. on 19 December 2016 |
Admission and commencement of dealings in theNew Shares | 8.00 a.m. on 20 December 2016 |
Total voting rights
Following admission of the Initial Shares the number of Ordinary Shares in issue and number of voting rights will be 40,741,283. The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Enquiries:
Mobile Streams plc | +1 347 669 9068 |
Simon Buckingham, Chief Executive Officer Enrique Benasso, Chief Financial Officer | |
Nplus1 Singer Advisory LLP Nominated Adviser and Broker | +44 (0)20 7496 3000 |
Alex Price Alex Laughton-Scott | |
PrimaryBid Limited |
+44 (0)20 7491 6519 |
Dave Mutton | info@primarybid.com |
Definitions
"Admission" | the admission of the New Shares to trading on AIM following completion of the Fundraising and such admission becoming effective in accordance with Rule 6 of the AIM Rules;
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"Directors" | the directors of the Company;
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"Fundraising Resolutions" | the resolutions to be set out in the Notice of General Meeting to grant the Directors the necessary authority and power to allot the New Shares (excluding the Initial Shares) for cash on a non-pre-emptive basis, in a form agreed by N+1 Singer;
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"New Shares" | the 54,479,250 Ordinary Shares to be issued under the Fundraising;
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"Notice of General Meeting" | the notice convening the General Meeting which will be set out at the end of the Circular; and
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"Ordinary Shares" | the ordinary shares of 0.2 pence each in the capital of the Company.
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