React Group Regulatory News (REAT)

VERDES MANAGEMENT PLC

(AIM: VMP)

Subscriptions to raise £550,000

Update

Verdes announced a placing on 29 October 2012 to raise £550,000 in two separate subscriptions. The First Subscription raised £211,000 using existing authorities and 211 million new ordinary shares were admitted to AIM.

The Second Subscription raising £339,000 was subject, inter alia, to the approval of shareholders and admission of the relevant new ordinary shares to AIM. 

Shareholders approved the Second Subscription on 15 November and 39 million new ordinary shares, raising a further £39,000 were issued and admitted to AIM on 22 November 2012.

The remaining 300 million ordinary shares, which were allotted conditional on admission occurring on or before 7 December 2012, have not been admitted to AIM as payment has not yet been received. Discussions are proceeding between the relevant parties and their advisers.