Placing of Shares

30 Nov 2007 13:06

Avanti Screenmedia Group PLC30 November 2007 For immediate release 30 November 2007 Avanti Screenmedia Group plc ("Avanti" or the "Company") Placing of 1.45 million New Ordinary Shares Avanti announced on 26 September that it had raised a total of £885,485, ofwhich £460,485 was by way of a placing of 6.6 million new ordinary shares at 7pence per shares and a further £425,000 through the issue of a ConvertibleUnsecured Loan Stock. The Company is pleased to announce that it has todayraised a further £101,500 through a placing of a 1,450,000 new ordinary sharesat 7 pence per share (the "Placing Shares"). The placing price represents a discount of approximately 9.5% per cent. to theclosing mid market price of the ordinary shares on 29 November 2007. The netproceeds of the placing of approximately £97,000 will supplement the workingcapital requirement of the Company. At the general meeting of the Company held on 18 October 2007 the Company soughtand obtained authority to issue up to a total of 5.4 million new ordinaryshares. The Placing Shares shall rank pari passu in all respects with the existingordinary shares. Application has been made to the London Stock Exchange plc forthe Placing Shares to be admitted to trading on AIM ("Admission"). Subject toAdmission becoming effective, it is expected that dealing in the Placing Shareswill commence on 5 December 2007. Following Admission of the Placing Shares,the Company will have 38,836,073 ordinary shares in issue. Avanti will make a preliminary announcement of its results for the year to 30June 2007 on 6 December 2007. Enquiries: Avanti Screenmedia Group plc 0207 902 2345Simon Rees, Chief ExecutiveGary Truman, Finance Director Charles Stanley Securities 020 7149 6000Nominated AdviserRussell Cook / Freddy Crossley Bishopsgate Communications Limited 020 7562 3355Jenni Herbert This information is provided by RNS The company news service from the London Stock Exchange