Last checked at 29 Mar 2007 12:45
29 March 2007 Totally Plc (`'Totally'' or `'the Company'')
Placing of 22,222,225 New Ordinary Shares to Raise ‚£500,000 and appointment of Broker
Placing
Totally, the publisher and internet service provider announces that it has conditionally raised ‚£500,000, before expenses, from the placing by Hoodless Brennan Plc of 22,222,225 new Ordinary Shares in the capital of the Company at 2.25p per share ("the Placing Shares").
The Placing shares represent approximately 20 per cent. of the enlarged issued share capital of the Company. Application has been made for the new shares to be admitted to trading on AIM and dealings are expected to commence on 4 April 2007.
Dan Assor, Chief Executive of the Company, has participated in the placing and subscribed for 1,466,667 ordinary shares. Following the placing he will hold 3,043,103 ordinary shares representing 2.7 per cent. of the issued share capital of the company.
Following the issue of the Placing Shares the Company will have 112,447,931 Ordinary Shares in issue.
The net proceeds of the placing, amounting to ‚£467,150, will be applied to provide additional working capital for the Company to support the expected growth in the following areas;
Internet Division
To continue the development of its internet services division operated by Totally Communications Limited, a wholly owned subsidiary of the Company. Part of the funds will be used to develop additional online services to sit alongside its already developed dating, flatshare, business directory and social networking software.
The Company will continue to seek additional partnerships with publishers to monetise their online communities, a recent example being the joint venture with Northern and Shell announced in January 2007 whereby Totally is providing its proprietary online flatshare capability across Express, Daily Star and OK Magazine websites.
Publishing Division
To fund the roll-out of online services outside of the UK and specifically into distinct Jewish communities in Europe and the US as well as exploiting specific print based opportunities in the UK and US. To this end the company has signed heads of agreement with Lord Evans of Watford and Robin Morgan (Sunday Times Magazine Editor) to launch a weekly news digest magazine pilot in the UK.
Change of Broker
The Company also announces the appointment of HB Corporate a trading division of Hoodless Brennan Plc as the Company's broker with immediate effect.
Totally CEO, Daniel Assor, commented;
`We are very pleased to have completed the placing which will allow us to continue to develop our product offering and through the monetization of online communities, whether it be communities owned and operated by Totally or communities that we choose to partner with, seek to increase shareholder value.'
For further information:
Daniel Assor, Chief Executive
Totally Plc
T: 020 7692 6929
Simon Clements/David Worlidge
John East & Partners Limited
T: 0207 628 2200
Christian Taylor Wilkinson/Ed Portman
Conduit PRT: 0207 429 6666Jon LevinsonHoodless Brennan PlcT: 020 7510 2654Notes to the Editor:
Totally Plc is an international publisher and Internet services provider. The Company listed on AIM in November 2000, has offices in London, Boston (MA) and Tel Aviv and is fast becoming known for deploying innovative publishing and technology solutions worldwide.
Since inception Totally has been developing an international portfolio of publications and online services targeting affluent and influential Jewish communities around the world. Today Totally owns and operates two leading Jewish newspapers and the popular online brand TotallyJewish, which supports websites operating in the high growth sectors of online classifieds, dating, travel and directories.
At the same time, Totally's proprietary online publishing software is being used to exploit new revenue opportunities in partnership with other third party media owners and is also the foundation for a fast growing web development agency.
TOTALLY PLC