13 Sep 2010 07:00
13 September 2010
IPSO Ventures plc
("IPSO" or the "Company")
Allotment of Adviser Shares
The Board of IPSO announced on 27 August 2010 that approval had been granted at a general meeting for, inter alia, the increase of the Company's share authorities for the allotment of securities to satisfy the second tranche of the Subscription (being the Second Subscription) to raise £325,000. The Company has now received notification of the subscription details for the remaining 250,000 Adviser Shares and has therefore allotted these shares.
Application has been made for the 250,000 Adviser Shares to be admitted to trading on AIM ("Admission") and it is anticipated that Admission will take place on or around 16 September 2010. Following Admission there will be 16,439,210 ordinary shares in issue in IPSO. This 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 change to their interest in, IPSO under the FSA's Disclosure and Transparency Rules.
The 250,000 Adviser Shares are being issued to Arka Technologies Limited ("Arka"), a company 100% owned by Craig Rochford, Non-Executive Director of IPSO. Following Admission Craig Rochford will have an interest in 383,333 ordinary shares in IPSO, equivalent to 2.33 per cent. of the enlarged issued share capital of the Company.
Following Admission it is the intention of Arka to sell 200,000 Adviser Shares to a third party at the subscription price, in order to enable it to pay certain costs on behalf or the investors.
All defined terms used in this announcement have the meaning given to them in the circular sent to shareholders of the Company on 4 August 2010 (the "Circular") unless otherwise defined herein.
For further information, please contact:
| IPSO Ventures plc Simon Hunt, Executive Chairman Nick Rodgers, Chief Executive Officer
| Tel: 020 7921 2990 simon@ipsoventures.com nick@ipsoventures.com www.ipsoventures.com
|
| Allenby Capital Limited Nick Naylor Nick Athanas
| Tel: 020 3328 5656
|