Issue of Equity

26 Apr 2006 07:01

TMT Group PLC26 April 2006 TMT Group Plc Issue of Equity TMT Group Plc ("TMT" or the "Company"), the AIM listed provider of nextgeneration instant messaging solutions, which serve the market of mobile dataservices in the mobile communication industry, today announces the placing of14,551,333 ordinary shares (the "Placing Shares") at 16 pence per ordinary share("the Placing Price"), to raise approximately £2.33 million. The funds willallow the Company to accelerate global marketing and develop extensions of itsfixed-mobile convergence products. 12,251,333 of the Placing Shares were placedwith Jorge Pinievsky, a director of the Company, with the remainder being placedwith an existing institutional investor. The Placing Price represents a discount of 5.88 per cent. to the closing midmarket price of 17p on AIM as at 25 April 2006, the date prior to thepublication of this announcement. The Placing Shares will, when issued and fullypaid, rank pari passu in all respects with the existing issued ordinary sharesof the Company. Application has been made for the Placing Shares to be admitted to trading onAIM and trading in the Placing Shares is expected to commence on 2 May 2006.Following the placing, Jorge Pinievsky's holding in the Company is 21,419,957ordinary shares, representing 20.51 per cent of the enlarged issued sharecapital. Under the AIM Rules, the issue of the Placing Shares to Jorge Pinievsky isdeemed to be a related party transaction. The directors of the Company (otherthan Jorge Pinievsky), having consulted with Corporate Synergy Plc, are of theopinion that the terms of the Placing are fair and reasonable insofar as theshareholders of the Company are concerned. Contacts: John Swingewood, Executive Chairman, TMT Group plc: 020 8104 1992John Prior / Romil Patel, Corporate Synergy Plc: 020 7448 4400 This information is provided by RNS The company news service from the London Stock Exchange