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2 Dec 2009 09:26
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FOR IMMEDIATE RELEASE 2Β DecemberΒ 2009
RAM INVESTMENT GROUP PLCΒ
("RAM" or the "Company")
INSTITUTIONALΒ PLACINGΒ TO RAISE Β£1 MILLION NET OF EXPENSES
TheΒ Board of RAM Investment Group plc ("RAM") announces that itΒ hasΒ todayΒ completed a round of fundraisingΒ in order toΒ provideΒ funding for the investment in TrainFX and provide theΒ enlarged groupΒ with additional working capital.
Tim Baldwin, CEO of RAM commented: "The Company is delighted to have secured funding designed to ensure the enlarged company is set up to exploit current opportunities in the digital out of home environment. The placing has been supported by new institutions, existing institutions and senior management at RAM and Train FX Ltd and we are pleased with the wide support we are gaining for the enlarged group's strategy. With a significantly strengthened balance sheet we look forward to 2010 with confidence".
The Company has placedΒ 12,556,957Β new ordinary shares of 1p each ("Ordinary Shares") atΒ aΒ price of 8.5p per Ordinary Share to raiseΒ Β£1,067,341.38Β before expenses. In addition, the Company also announces an allotment of 47,058 new Ordinary Shares of 1p each at a price of 8.5p per Ordinary Share to its non-executive directors in lieu of their fees for September 2009 to October 2009.
ApplicationΒ will beΒ made forΒ 12,604,015Β new Ordinary SharesΒ in RAM,Β which,Β whenΒ issued,Β willΒ rankΒ pari passuΒ with the existing Ordinary Shares in issue,Β to be admitted to trading on AIM. This is expected to be onΒ 7Β DecemberΒ 2009.Β
The application for newΒ Ordinary Shares includesΒ 705,882Β Ordinary Shares toΒ Tim BaldwinΒ and 23,529 Ordinary Shares toΒ Iain Manley. Also included in the allotment areΒ 23,529Β Ordinary Shares to 21Β VisionΒ Limited, a company which Edward Adams is a director and exercises management control.
OnΒ completion ofΒ the aboveΒ transactions:
Tim BaldwinΒ willΒ haveΒ an interest inΒ 5,529,438Β Ordinary Shares representingΒ 7.61% of issued share capital of RAM.
Edward Adams will haveΒ an interest inΒ 1,137,968Β Ordinary Shares representingΒ 1.57% of the issued share capital of RAM.
Iain ManleyΒ will haveΒ an interest inΒ 137,968Β Ordinary Shares representingΒ 0.19% of the issued share capital of RAM.
For further information please call:
Tim BaldwinΒ Β RAMΒ Investment GroupΒ plc 0207Β 518 4303
Sandy Jamieson Libertas Capital Corporate Finance Limited 0207Β 569Β 9650
Monisha Varadan Rivington StreetΒ Corporate Finance Limited 0207 562 3389
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