Torotrak PLC Regulatory News (TRK)

13 Aug 2007 15:22

Torotrak PLC13 August 2007 13 August 2007 Torotrak plc Result of the Open Offer, EGM and Total Voting Rights Torotrak plc ("Torotrak" or the "Company") today announces the successful fundraising via a Firm Placing and Open Offer of £6.75m net of expenses as detailed below. Results of Open Offer The Open Offer closed at 11.00 a.m. on 10 August 2007. Valid applications have been received under the Open Offer in respect of 11,504,319 Open Offer Shares, comprising 4,115,066 Open Offer Shares pursuant to entitlements under the Open Offer and further excess applications representing 7,389,253 Open Offer Shares. The Open Offer (including excess applications) was therefore oversubscribed by approximately 97%.The full amount of Excess applications will be scaled back pro rata and will be satisfied as to approximately 23% of each valid excess application received. The Open Offer forms part of the Issue, together with the Firm Placing of20,333,333 New Ordinary Shares placed with institutional and other investors. Atotal of 26,182,153 New Ordinary Shares are being issued pursuant to the Issue. The Issue remains conditional on admission of the New Ordinary Shares ("Admission") and it is expected that Admission and dealings in the New OrdinaryShares will commence at 8.00 a.m. on 14 August 2007. Results of EGM At an Extraordinary General Meeting held at 12 a.m. today, Monday 13 August 2007, called to approve the Firm Placing and Open Offer announced on 19 July 2007, all resolutions which were set out in the Notice of Extraordinary Meeting were duly passed. Commenting, Dick Elsy, Torotrak's Chief Executive, said "We have raised the full£6.75 million net of expenses to accelerate the development of our business. Weare particularly pleased that the Open Offer to Shareholders was almost twicesubscribed. It is a great vote of confidence in Torotrak and our plan to accelerate growth." Certain terms used in this announcement are defined and have the same meaning asin Torotrak's prospectus dated 19 July 2007, unless the context requires otherwise. Enquiries: Torotrak plc +44 (0) 1772 900 938Dick Elsy, Chief ExecutiveJeremy Deering, Finance Director PricewaterhouseCoopers LLP (Sponsor) +44 (0) 161 245 2461Colin GillespieRichard Pulford Arbuthnot Securities Limited (Broker) +44 (0) 207 012 2000Ian WilliamsRichard Dunn Tavistock Communications (PR adviser) +44 (0) 207 920 3150Simon HudsonLulu Bridges Total Voting Rights In conformity with the FSA's Disclosure and Transparency Rules, the Company notifies the following: Following Admission of the Firm Placing and Open Offer Shares, the Company's issued share capital shall consist of 146,082,973 ordinary shares with a nominalvalue of 10p each, with voting rights ("Ordinary Shares"). The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rightsshall be 146,082,973. The above figure of 146,082,973 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determineif they are required to notify their interest in, or a change to their interestin, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules. This information is provided by RNS The company news service from the London Stock Exchange