Last checked at 2 Jun 2010 14:08
Bright Things Plc
Placing
Change of Name
The Board of Directors of Bright Things Plc ("Bright Things" or "Company") is pleased to announce that the Company has conditionally raised £500,000 before expenses by way of an issue of 40,000,000 new ordinary shares of 1 penny each ("Ordinary Shares") at a price of 1.25 pence per share ("the Placing"). Each participant in the placing will also receive one warrant to subscribe for a new Ordinary Share at a price of 1.5 pence per share at any time until 16 June 2016 for every 4 ordinary shares subscribed for in the Placing.
The Placing has been subscribed for by certain existing shareholders and directors and the net proceeds will be used to provide additional working capital for the Company to fund, (i) the continuing development of its internet based social networking software, SocialGO, (ii) an increase in marketing initiatives related to the SocialGO software service, and (iii) the expansion of its management and software development teams.
As a result of the Placing, the interests of the directors participating in the Placing by the Company will be as follows:
| Director | Ordinary Shares | Percentage of issued ordinary share capital |
| Dominic Wheatley | 71,805,102 | 19.8% |
| Ian Livingstone | 12,905,556 | 3.6% |
| Vikrant Bhargava* | 61,448,000 | 16.9% |
| Alex Halliday | 16,992,432 | 4.7% |
| Stephen Hardman | 15,801,202 | 4.4% |
*Vikrant Bhargava holds his interest through Bentworth Holdings Ltd, trading as Veddis Ventures, a company in which he holds an indirect beneficial interest.
The Placing is conditional upon shareholder approval and a circular has been posted to shareholders convening a general meeting of the Company on 16 June 2010 to consider and if thought fit pass the appropriate resolutions. It is anticipated that the Ordinary Shares the subject of the Placing will, subject to shareholder approval, be admitted to trading on AIM with effect from 17 June 2010.
In addition to the Placing, the Company has also entered into an agreement with Bentworth Holdings Limited, which trades as Veddis Ventures, a company in which Vikrant Bhargava holds an indirect beneficial interest, pursuant to which Veddis Ventures has conditionally agreed to subscribe for up to a further 40,000,000 new Ordinary Shares at a subscription price of 1.25 pence per share, being a maximum subscription amount of £500,000, at any time between 16 September 2010 and 15 September 2011, should the Company request it to do so.
In connection with Veddis Ventures subscription for the Placing, the Company has agreed that, for so long as it holds not less than 15 per cent. of the issued share capital of the Company, Veddis Ventures will be entitled to appoint an additional non-executive director to the board of Bright Things, provided such person is first approved by the Board and the Company's nominated adviser.
Change of Name
The Board of Directors of the Company also announces that it is proposing to change the name of the Company to SocialGO Plc, in order to better align and associate the name of the Company with the internet based social networking software service, SocialGO, from which the Company's revenues are generated.
Further Information
Bright Things PLC 0845 299 7289
Dominic Wheatley, CEO
Astaire Securities Plc 020 7448 4400
William Vandyk
www.SocialGO.com
www.brightthings.com
About SocialGO
SocialGO is an online platform of social networking software that allows customers to create, manage and control their own social network quickly and easily. Members who join a network can communicate and share with like minded people in a controlled, secure environment. SocialGO operates a subscription business model that derives its revenues from premiums paid by network owners and from value added services that allow the network owner to maximise the revenues that they can earn by creating and managing a social network. SocialGO is based in London, UK.