12 Oct 2012 07:00
12 October 2012
reach4entertainment enterprises plc
("r4e" or "the Company")
Placing, Issue of Equity & Total Voting Rights
r4e, the transatlantic media and entertainment company, has raised GBP 0.35 million gross of expenses by the issue of 7,805,000 new ordinary shares (the "Placing Shares") at a price of 4.5 pence per share (the "Placing"). The proceeds of the Placing will be used to fund general working capital requirements.
The Directors of the Company have indicated that they would have liked to participate in the Placing but were deemed to be in a Close Period by their participation in ongoing discussions with the vendor of Spot and Company of Manhattan Inc ("SpotCo") to renegotiate the settlement of the final earn out payment. It is the intention of certain Directors, to subscribe for new ordinary shares at the prevailing mid-market price but not less than the Placing price, as soon as these discussions conclude.
David Stoller, Executive Chairman, r4e, said, "I am delighted with the interest and support that r4e has received from existing shareholders. In particular I am pleased that the Placing was led by strong institutional interest, underscoring the positive achievements and developing opportunities that we highlighted in our recent interim results".
Details of Placing
The Placing Shares will rank pari passu in all respects with the Company's existing ordinary shares and represent 10.58% of the Company's enlarged issued share capital following the Placing. Application has been made for the admission of the Placing Shares to be admitted to trading on AIM ("Admission"), and Admission is expected to occur, and dealings expected to commence at 08.00 on 17 October 2012. The Placing is being made under existing shareholder authorities.
Total Voting Rights
Following the admission to trading of the Placing Shares there will be 73,762,718 ordinary shares in issue. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. The Company has no Ordinary Shares held in treasury.
Enquiries:
reach4entertainment
David Stoller/ Shirley Stapleton +44 (0) 20 7993 0000
Seymour Pierce Limited +44 (0) 20 7107 8000
Stewart Dickson/Tom Sheldon/Julian Erleigh (Corporate Finance)
Katie Ratner/Jacqui Briscoe (Corporate Broking)
Blythe Weigh Communications +44 (0)20 7138 3204
Paul Weigh +44 (0) 7989 129658
Samantha Ryan +44 (0) 7947 762658