7 May 2009 17:06
FOR IMMEDIATE RELEASE 7 May 2009
@UK PLC
("@UK" or the "Company")
FURTHER PLACING OF NEW ORDINARY SHARES
As contemplated in the Trading Statement made on 12 February 2009 and in the 2008 Annual Report and Accounts issued on 20 April 2009, on 24 April 2009 the Board of @UK announced that it had agreed a placing of 15,000,000 new Ordinary Shares at a price of 1p per Ordinary Share raising £150,000 ("April Placing"). The Board considered that this additional capital was required to provide sufficient working capital headroom in the Group's budget. Following the announcement of the April Placing, the Board of @UK received further limited expressions of interest to subscribe for additional ordinary shares on the same terms and accordingly, the Board has agreed a further placing of 5,000,000 new Ordinary Shares at a price of 1p per Ordinary Share raising a further £50,000 ("Placing"). This additional capital will provide further working capital headroom. Following the Placing, the Board does not currently have any plans to issue any further Ordinary Shares.
Application has been made for the 5,000,000 new Ordinary Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and trading is expected to commence on 14 May 2009.
In connection with the Placing, the Company has issued 2,500,000 warrants, at a ratio of 1:2, to subscribe for new Ordinary Shares at a price of 2p within 5 years from the date of the Placing.
The Placing includes a subscription for 1,450,000 Ordinary Shares at the placing price of 1p per Ordinary Share and the granting of 725,000 warrants at 2p per Ordinary Shares to Ronald Duncan and Lyn Duncan (who are both Directors of the Company), and associated family, who in aggregate are currently interested in 32.5 per cent. of the Company's issued share capital. Following the completion of the Placing, Ronald and Lyn Duncan's holding in the Company will amount 18,603,276 ordinary shares, representing 32.2 per cent. of the issued share capital of the Company. The subscription by Ronald Duncan and Lyn Duncan and the granting of warrants is a Related Party Transaction for the purposes of AIM Rule 13. Accordingly, the Independent Director, David Holloway, having consulted with Beaumont Cornish Limited, the Company's Nominated Advisor, considers the terms of the transaction to be fair and reasonable insofar as the shareholders of the Company are concerned.
Following completion of the Placing, @ UK will have an issued share capital of 57,779,822 Ordinary Shares.
@UK PLC Contact
Ronald Duncan
Chairman
Tel 0118 963 7000
Beaumont Cornish Limited
Roland Cornish
Tel 0207 628 3396
Notes to Editors
@UK PLC
Is a leading UK electronic marketplace provider, that has formed over 170,000 companies using its SiteGenerator ecommerce engine and is providing ecommerce to NHS Suppliers as part of NHS Cat with NHS Supply Chain.
@UK PLC have an OGC Buying Solutions framework contract for the provision of its new Spend Analysis services.
@UK's software provides a secure internet eMarketplace enabling buyers such as local authorities, schools and hospitals to buy online from commercial suppliers ranging from large corporations to small to medium enterprises (SMEs). This allows buying and selling to take place with no paperwork and transposition reduced chance of errors, achieving major savings throughout the supply chain.
@UK PLC also offers services to new businesses, including incorporation, company secretarial services and filing annual returns.
@UK is included in the Software and Computer Services Sector (9530). For further information please visit www.uk-plc.net.
CBUY.L (CBUY)