Last checked at 30 Apr 2010 12:25
30 April 2010
IQ Holdings plc
("IQH" or the "Company")
Issue of Equity
The Company is pleased to announce that through its broker, Rivington Street Corporate Finance, it has placed a total of 500,000,000 Ordinary Shares of 0.01p each ('Ordinary Shares') at a price of 0.03p per share ('the Placing'). The purpose of the Placing is for general working capital purposes.
Application is being made for the Ordinary Shares to be admitted to trading on AIM with admission expected to take place on 10 May 2010. The Company's issued share capital will increase to 1,787,195,774.
As part of the Placing SF t1ps Smaller Companies Growth Fund ('SF T1ps') will be subscribing for 50,000,000 Ordinary Shares. As a result, SF T1ps and companies and persons connected with it for the purposes of the AIM Rules for Companies, will now own 246,019,000 Ordinary Shares, including £75,000 worth of convertible loan notes, which in total represents 13.54 per cent. of the Company's total enlarged share capital on the basis that all such loan notes have been converted.
As SF T1ps and its connected entities control over 10 per cent. of the Company's issued share capital, its participation in the Placing is deemed a related party transaction for the purposes of the AIM rules. The Directors, having consulted with its Nominated Advisor, consider that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
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For further information, please contact:
| IQ Holdings plc |
|
| John Mitchel | Tel: +44 (0)20 8099 0560 |
| Nominated Adviser: Grant Thornton Corporate Finance |
|
| Gerry Beaney | Tel: +44 (0) 20 7383 5100 |
| Nominated Broker: Rivington Street Corporate Finance |
|
| Leo Godsall | Tel: +44 (0) 7930 450 156
|