6 Dec 2010 12:41
For Immediate Release | 6 December 2010 |
Corac Group Plc
("Corac", the "Company" or the "Group")
Results of General Meeting
The Directors of Corac, (AIM: CRA), are pleased to announce that, at the General Meeting held earlier today in connection with the Firm Placing and Placing and Open Offer, all resolutions were duly passed by Shareholders.
Total funds raised under the Firm Placing and Placing and Open offer are £20.86 million.
The Directors of the Company also announce that Qualifying Shareholders have applied for 26,317,264 New Shares under the Open Offer, representing approximately 65.8 per cent. of the New Shares available under the Open Offer. The 13,683,332 New Shares not taken up by Qualifying Shareholders under the Open Offer will be taken up by Conditional Placees under the terms of the Placing and Open Offer Agreement.
A total of 139,060,248 New Shares will be issued to Qualifying Shareholders, Conditional Placees and Firm Placees as a result of the New Issue.
It is anticipated that 16,648,300 of the New Shares will be admitted to trading on AIM at 8:00 a.m. on 7 December 2010 and a further 122,411,948 New Shares are expected to be admitted to trading on AIM at 8:00 a.m. on 8 December 2010. All New Shares will rank pari passu in all respects with the Existing Ordinary Shares in issue.
The enlarged issued share capital of the Company following the New Issue will be 247,404,225 Ordinary Shares.
Following the New Issue the shareholdings of the Directors will be:
Ordinary Shares Held | % of Enlarged Share Capital | |
Phil Cartmell | 500,000 | 0.20% |
Mark Crawford | 100,000 | 0.04% |
Julian Reed | 413,300 | 0.17% |
In addition the Directors will be granted the following options over the Company's shares with exercise price of 15p
New Options to be Granted | |
Phil Cartmell | 3,000,000 |
Mark Crawford | 1,950,000 |
Julian Reed | 1,505,000 |
Rohan Courtney | 250,000 |
Except for words and phrases specifically defined in this announcement, capitalised words and phrases shall bear the same meaning given to them in the prospectus published by the Company on 12 November 2010.
Enquiries
Corac Group plc Phil Cartmell, Executive Chairman Mark Crawford, Commercial & Finance Director | 01895 813463 |
Cenkos Securities plc Elizabeth Bowman / Ivonne Cantu
| 020 7397 8924 |
Buchanan Communications Richard Darby Ben Romney | 020 7466 5000 |
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