Servision PLC Regulatory News (SEV)

27 Oct 2009 09:40



27 October 2009

SerVision Plc

("SerVision" or the "Company")

Issue of Equity

SerVision plc (AIM: SEV), the AIM listed developer and manufacturer of digital security systems, is pleased to announce that it has completed a placing of 5,914,057 new ordinary shares of 1 pence each in the Company at a price of 9p per share, raising £532,265 (before expenses) for the Company (the "Placing"). The net proceeds of the Placing will be used by the Company for general working capital purposes.

As part of the Placing the Company has also issued NIR Rotenberg Limited with warrants to subscribe for a total of 833,333 new ordinary shares of 1 pence each in SerVision in consideration for services provided by NIR Rotenberg Limited pursuant to the Placing. The warrants are exercisable at 18p per ordinary share at any time within 24 months of issue.

In addition, the Company has today issued 257,222 new ordinary shares of 1 pence each in the Company to Implement Limited, a company wholly owned by Eitan Yanuv (Finance Director of SerVision), in lieu of salary for the period from 1 January 2008 to 31 December 2008. The shares were issued at a price of 9p per share. After the issue of shares, Mr Yanuv will have a beneficial interest in 257,222 ordinary shares in the Company, equal to 0.65% of the enlarged issued share capital.

Application has been made for the 6,171,279 new ordinary shares, which will be issued paid up and rank pari passu with all existing Ordinary Shares, to be admitted to trading on AIM and it is expected that such admission will be effective as of 8a.m. on 02 November 2009.

For further information see www.servision.net or contact: