31 Aug 2010 16:38
FOR IMMEDIATE RELEASE 31 August 2010
@UK PLC
("@UK" or the "Company")
PLACING OF NEW ORDINARY SHARES
As contemplated in the Interim results on 27 July 2010 and announcement earlier today, the Board of @UK announces today that it has agreed a placing of 4,803,842 new Ordinary Shares at a price of 1p per Ordinary Share raising £48,038 ("Placing"). The Board consider that this additional capital is required to provide sufficient working capital headroom in the Group's budget.
Application has been made for the 4,803,842 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 7 September 2010.
The application for new ordinary shares includes a placing of 1,550,842 shares issued at 1p per share jointly to Ronald Duncan and Lyn Duncan, directors and in aggregate 32.3% Shareholders of the Company. Following the completion of the new share issue, Ronald and Lyn Duncan's holding in the Company stands at 20,204,118 ordinary shares representing 32.3% of the issued share capital. These are Related Party Transactions in accordance with 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.
As a result of the Placing, funds managed by Majaedie Asset Management's will have an interest in 3,847,642 ordinary shares representing 6.15% of the Enlarged share capital and Gartmore Investment Management will have an interest in 3,020,557 Ordinary Shares representing 4.83% of the Enlarged Issued Share Capital. Following completion of the Placing, @ UK will have an issued share capital of 62,583,664 Ordinary Shares.
@UK PLC Contact
Ronald Duncan
Chairman
Tel 0118 963 7000
Beaumont Cornish Limited
Roland Cornish
Tel 0207 628 3396
Notes to Editors
Notes to Editors
@UK PLC is the UK market leader in Platform as a service using Platform Generator and provides secure cloud based ecommerce, eprocurement and email services to business and the public sector with over 1 million users.
Platform Generator provides a leading UK electronic marketplace, has formed over 200,000 companies using the Platform Generator SiteGenerator ecommerce engine. @UK PLC's SiteGenerator ecommerce, part of the Platform Generator, allows suppliers to trade with all major finance systems, @UK PLC's marketplace and other leading marketplaces.
@UK PLC has an OGC Buying Solutions framework contract for the provision of its new "Spend Insight™" Spend Analysis services.
@UK's Platform Generator software speeds up secure software development and allows @UK PLC to 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 a reduced chance of errors through transposition, achieving major savings throughout the supply chain.
@UK PLC has a key competitive advantage as an ecommerce based marketplace it ensures that prices are correct from requisition through to payment, where catalogue based marketplaces are unable to support carriage, complex pricing and configurable products.
@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)