Stilo Regulatory News (STL)

9 Aug 2007 15:45

Stilo International PLC09 August 2007 9 August 2007 Stilo International plc ("Stilo" or the "Company") Issue of Equity Stilo today announces that further to the acquisition of the EngineeringSolutions business ("Engineering Solutions") of Proceed Holdings Ltd ("ProceedHoldings") announced on 1 August 2006, it has paid a sum of £90,000 in deferredconsideration ("Initial Deferred Consideration") to Proceed Holdings. TheInitial Deferred Consideration was payable based upon the achievement of aturnover target of no less than £750,000 for Engineering Solutions in the yearended 31 July 2007. As announced at the time of the acquisition, ProceedHoldings agreed to reinvest the sum of £90,000 by subscribing for 4,500,000 new1p Ordinary shares in Stilo at 2p per share. Accordingly, application has been made for the 4,500,000 Shares to be admittedfor trading on AIM. The shares will rank pari passu with the existing issuedshares of the Company and dealings are expected to commence on 16 August 2007. Following the issue, the total number of voting rights in issue will be104,728,470 and Proceed Holdings will have a beneficial holding of a total of7,000,000 1p Ordinary shares, representing 6.68 per cent. of the enlarged sharecapital. Interim results for the Company for the six months ended 30 June 2007 are due tobe announced on 12 September 2007. For further information please contact:Les BurnhamChief Executive, Stilo International plc 01793 441 444 Russell Cook / Carl HolmesCharles Stanley Securities 020 7149 6000Nominated Adviser & Broker This information is provided by RNS The company news service from the London Stock Exchange