Ls -3x Avgo Regulatory News (SAVG)

20 Feb 2006 07:00

FAIRPLACE CONSULTING PLC Proposed Placing The Board of Fairplace Consulting plc (the "Company") announces that itproposes to raise approximately ‚£450,000 before expenses by way of a placing of3.75 million new ordinary shares in the Company at a price of 12p per share.The Board considers that it is in the Company's best interests to strengthenits financial resources through an equity issue. The placing is intended torepay overdraft borrowings, which presently amount to ‚£283,751, and to providefunding for continuing development and greater marketing capacity in keysectors and markets outside London. The Company's ‚£350,000 overdraft facilityhas recently been renewed and also remains available for utilisation ifrequired.The new ordinary shares are to be placed by Seymour Pierce Ellis with itsclients failing which it will subscribe for the shares itself.As the issue price of 12 pence per share is below the 15 pence nominal value ofthe Company's existing ordinary shares, it will therefore be necessary to carryout a capital reorganisation in order for the placing to proceed. This willinclude a subdivision of each of the Company's 15 pence ordinary shares intoone 3 pence ordinary share and deferred shares.A circular containing details of the proposed placing and capitalreorganisation together with a Notice of EGM and a proxy card are being postedto shareholders today. At the EGM resolutions will be proposed to effect thecapital reorganisation and to disapply pre-emption rights. The EGM will be heldat 11.00 am on Thursday 16 March 2006.Application will be made to the London Stock Exchange for the admission of thenew ordinary shares to trading on AIM. It is expected that dealings in the newordinary shares will commence at 8.00 am on Friday 17 March 2006.Copies of the circular and form of proxy will be available to the public freeof charge at the offices of Kirkpatrick & Lockhart Nicholson Graham, 110 CannonStreet, London EC4N 6AR, during normal business hours for a period of one monthfrom today.Enquiries:Mark Allsup, Chairman, 020 7816 0707Fairplace Consulting plcBrian Thorn, 020 7845 7900The Wriglesworth ConsultancyENDFAIRPLACE CONSULTING PLC