ROL.L Regulatory News (ROL)

8 Oct 2007 12:18

Rotala PLC08 October 2007 Rotala plc ("Rotala" or "the Company") Placing to raise £465,000 New contracts Exercise of warrants The Board of Rotala is pleased to announce that it has raised £465,000 (beforeexpenses) through a placing of unsecured loan stock with warrants ("the Placing"). The West Midlands Passenger Transport Executive (known as "Centro") has recentlyannounced the award of contracts arising out of its latest tender round. TheCompany is pleased to have been awarded a number of new routes in this round.The Company has also been awarded an expansion of its existing contractualarrangements with British Airways plc. In aggregate, these new arrangements areexpected to generate additional revenues of approximately £1.25 million perannum. The Placing announced today will provide for the further investment in bothvehicles and working capital required to service these latest contract wins. The Directors remain committed to their stated strategy both in terms of theintegration of the acquisitions made by the Company over the past 12 months andin the level of new business being generated by the Group as a whole which nowtotals some £5.7 million for the year to date. Details of the Placing and Exercise of Warrants Rotala has placed £465,000 of fixed rate unsecured loan stock (the "Loan Stock"). The Loan Stock attracts interest semi-annually in arrears at a rate of 8%per annum with the first payment being for the period from completion to 31December 2007. The Loan Stock will not be listed. The Loan Stock will beredeemed by the Company on 31 December 2009 or earlier, subject to the lender'sagreement. Ludgate Investments Limited has acted as placing agent for theCompany. In addition, the Company has issued to the subscribers of the Loan Stock (on thebasis of 1 warrant for every £1 subscribed) an aggregate of 465,000 warrants tosubscribe for new ordinary shares in the Company at 65 pence per share at anytime up to 31 December 2009 (the "Warrants"). Certain directors of the Companyhave participated in the Placing to the extent of £315,000 of Loan Stock. The Company has also been notified of the exercise of existing warrants over, inaggregate, 225,199 new Ordinary Shares at an aggregate subscription price of£88,250. These warrants have been exercised by John Gunn and his related partiesat prices ranging from 25p to 62.5p per share. Details of the revised interests of the directors in the ordinary share capitalof the Company following the Placing and exercise of warrants are set out below: Following the Placing: Ordinary Shares % of Issued Share Warrants Total loan held (excluding Capital stock *** options) John Gunn * 5,050,924 24.9 344,134 £340,000Geoffrey Flight * * 990,333 4.9 96,889 £75,000Kim Taylor 20,000 0.1 25,000 £25,000 * includes Mrs R. S. Gunn, Wengen Pension Plan and the Gunn Trusts. ** includes the Flight Pension Trust of which Mr Flight is a beneficiary. *** includes loan stock issued in December 2006 and through the Placing. Share Capital Following the exercise warrants announced today, the Company's issued votingcapital consists of 20,295,779 ordinary shares of 25p each. The Company holds noshares in Treasury. Contacts: John Gunn, Chairman Rotala plc 020 7621 5770Kim Taylor, CEO Rotala plc 020 7621 5770Romil Patel, Blue Oar Securities Plc 020 7448 4400 This information is provided by RNS The company news service from the London Stock Exchange