Commencement of Dealing

30 Jun 2005 08:00

Bango PLC30 June 2005 30 JUNE 2005 BANGO PLC ("Bango" or "the Company") COMMENCEMENT OF DEALINGS IN SHARES Bango provides unique technology and services enabling businesses to make moneyfrom the sale of content and services to customers accessing the internetthrough their mobile phones. Bango is pleased to announce that dealings have today commenced in its sharesfollowing its admission to AIM, under the ticker BGO. Bango has raised £7.0 million (prior to expenses) through a placing of 5,223,881new ordinary shares. An additional 3,009,220 existing ordinary shares were alsoplaced on behalf of certain early stage investors in Bango. Both the new andexisting ordinary shares were placed at a price of 134p per share by PanmureGordon & Co and represent 31.5% of Bango's issued share capital. Following theplacing, the number of shares in issue is 26,158,381 ordinary shares, givingBango a market capitalisation of £35.05 million. The proceeds of the Placing will be used principally to fund the expansion ofthe Group into selected overseas territories and extend the network ofpartnerships with developers of mobile sites and billing providers. In addition,the funds will be used to expand the customer support team in line with thegrowing customer base, continue the development of the Group's patentedtechnology platform and provide working capital. Further to the information disclosed in Section VI Part 5 of the AdmissionDocument published on 23 June, Bango wishes to confirm that Peter Saxton, ChiefFinancial Officer and a director of the Company, has purchased 74,626 shares atthe placing price. Accordingly, Peter Saxton is interested in 0.3% of theCompany's issued share capital immediately following Admission. Ray Anderson, Chief Executive of Bango, commented: "The high level of interest shown by investors is testament to the power andvalue of our scaleable technology platform. It benefits content providers,network operators and mobile phone users alike. Our plan is now to apply the newfunds and increased profile towards expanding our reach into new territories andmarkets. We look forward to life as a public company with confidence." For further information, please contact: Bango plc ICIS Limited - Financial PR Panmure Gordon (Broking) LimitedTel. +44 (0)1223 472777 Tel. +44 (0)20 7651 8688 Tel. +44 (0)20 7459 3600Ray Anderson, CEO Tom Moriarty Grant HarrisonPeter Saxton, CFO Archie Berens Aubrey Powell Marcus Jackson Stuart Gledhill More information about Bango plc and its services can be found on-line at theCompany's corporate website, http://bango.com/ High resolution images of Bango's directors are available for the media to viewand download free of charge from www.vismedia.co.uk This information is provided by RNS The company news service from the London Stock Exchange