22 Sep 2008 18:01
FOR IMMEDIATE RELEASE 22 September 2008
TSE Group Plc
("TSE" or the "Company")
Result of General Meeting and Placing
On 19 August 2008 the Board of TSE announced that through its broker, Dowgate Capital Stockbrokers Limited ("Dowgate"), TSE had conditionally placed 190,000,000 new ordinary shares of 0.1p each ("Ordinary Shares") at a placing price of 0.17p per Ordinary Share (the "Placing Price") to raise £323,000 (before cash expenses) subject to admission (the "Placing"). Subsequent to the Placing, the Company received additional conditional subscriptions for in aggregate a further 17,700,000 new Ordinary Shares at the Placing Price to raise a further £30,090 (before cash expenses).
The Placing was conditional, inter alia, on the passing at a general meeting (the "General Meeting") of the Company of the necessary enabling resolutions to authorise the Company to issue shares for cash, which was held earlier today. All the resolutions were passed and accordingly the placing can now be completed.
In addition, the Company will, as previously announced on 19 August 2008, issue a further 10,000,000 new Ordinary Shares to Dowgate pursuant to Dowgate's commission arrangements in respect of the Placing. Application has been made therefore for a total of 217,700,000 new Ordinary Shares to be admitted to trading on AIM, which will rank pari passu with the existing Ordinary Shares. Trading in the new Ordinary Shares on AIM is expected to commence on or around 29 September 2008. The enlarged issued share capital of the Company will amount to 801,600,000 Ordinary Shares.
The additional conditional subscriptions referred to above, include a conditional subscription by Brian Blasdale, a non-executive director of the Company, for 3,000,000 new Ordinary Shares at the Placing Price. Following completion of the Placing today, Brian Blasdale will be interested in a total of 8,333,333 Ordinary Shares representing 1.04 per cent. of the Company's enlarged issued share capital.
For further information, please contact:
TSE Group plc
Tel: 0207 245 1100
Paul Foulger, Finance Director
www.tsegroupplc.com
Beaumont Cornish Limited
Tel: 0207 628 3396
Michael Cornish
Dowgate Capital Stockbrokers Ltd
Tel: 020 7492 4799
Dru Edmonstone
Note to Editors:
TSE Consulting SA is a wholly owned subsidiary of TSE Group plc, a company traded on AIM, a market operated by the London Stock Exchange. TSE Group plc will, through increased organic growth and acquisitions over the coming years, become a vertically integrated group of specialised companies providing high level consultancy services to governments and organising committees. TSE Consulting SA is the platform upon which the rest of TSE Group plc is based. TSE Group plc is committed to offering the complete range of services for governments and organising committees involved in major sports events.
ENDS