Last checked at 6 May 2009 07:00
6 May 2009
Trakm8 Holdings plc
("Trakm8" or the "Group")
Placing to raise approximately £0.3 million
Trakm8, the AIM-listed designer and developer of licensed GPRS based hardware and software for the vehicle placement and security market, today announces a share placing to strengthen the Group's balance sheet.
Trakm8 is pleased to announce that 4,454,046 new ordinary shares of one penny each ("Ordinary Shares") in the capital of the Company (the "Placing Shares") have been conditionally placed with existing shareholders and Directors at a price of 6.5 pence per share ("Placing Price") to raise approximately £0.3 million after expenses (the "Placing"). The Placing Shares will represent approximately 24.3 per cent. of the Company's enlarged share capital following completion of the Placing.
As part of the Placing, the Trakm8 Directors have agreed to commit £195,000 by subscribing for 3,000,000 Placing Shares in aggregate at the Placing Price. These represent approximately 67.4 per cent. of the Placing Shares comprising:
| Director | Number of Placing Shares | Resultant Shareholding following Admission | % Shareholding following Admission |
| John Watkins | 1,923,077 | 2,989,405 | 16.3 |
| James Hedges | 307,692 | 307,692 | 1.7 |
| Matthew Cowley | 307,692 | 1,080,870 | 5.9 |
| Tim Cowley | 461,539 | 1,221,295 | 6.7 |
The issue of Placing Shares to the Trakm8 Directors is classified as a transaction with a related party for the purposes of the AIM Rules. In accordance with the AIM Rules, the Company's Nominated Adviser, Arbuthnot Securities, considers that the terms of the Placing are fair and reasonable insofar as the Company's shareholders are concerned.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. The Placing Shares will rank pari passu with the existing issued Ordinary Shares.
The Placing is conditional, inter alia, on the admission of the Placing Shares to AIM becoming effective ("Admission"), which is expected to occur on 8 May 2009, when dealings in the Placing Shares are expected to commence. Following Admission, the Company will have 18,311,215 Ordinary Shares in issue.
Dawson Buck, Chairman of Trakm8 commented:
"I am delighted at the success of this share placing which reflects in a material way the confidence of both the Board and existing shareholders in the company. This placing will strengthen the company balance sheet enabling us to capitalize on the success of the recently announced E.ON business as well as other opportunities."
For further information, please contact:
Trakm8 Holdings plc
John Watkins, Chief Executive 0870 380 0531
Arbuthnot Securities Limited
Alasdair Younie/Richard Johnson 020 7012 2000
Tavistock Communications
Simon Hudson 020 7 920 3150
About Trakm8
Trakm8, based in Shaftesbury, Dorset is the leading technology provider, designer and developer of GPRS based hardware and software to the vehicle tracking and security market. The Company distributes its hardware and software worldwide through a network of distributors. In addition the Company provides ASP vehicle monitoring and tracking services direct to the B2B market. Trakm8's products allow vehicles and drivers to be monitored, allowing organisations to manage deliveries and services, or track stolen vehicles down to 5 metres.