Synety Group PLC Placing, change of adviser and General Meeting (5310L)

TIDMSNTY

RNS Number : 5310L

Synety Group PLC

13 August 2013

13 August 2013

Synety Group plc

("Synety" or the "Company")

Placing of 1,400,000 Ordinary Shares at 150 pence per share

Change of adviser

and

Notice of General Meeting

Synety Group plc (AIM:SNTY), the UK software and telco company specialising in the provision of cloud based telephone call-control systems, announces today that the Company has conditionally raised GBP2.1 million (before expenses) through the Placing of 1,400,000 new Ordinary Shares at the Placing Price of 150p per share with certain institutional investors, in accordance with the terms set out in the circular to be published by the Company and posted to shareholders today (the "Circular").

The net proceeds of the Placing will be used to expand the Company's UK sales force and customer services team, expand and strengthen the technology platform with disaster recovery features and provide general working capital for the Company to capitalise on its first-mover advantage and land grab a market niche where the Directors believe there is limited competition and significant potential.

The Placing Shares when issued will rank pari passu with the existing Ordinary Shares and will, following Admission, rank in full for any dividends and distributions paid or made thereafter in respect of the Ordinary Shares.

Application will be made for the Placing Shares to be admitted to trading on AIM. Subject to all relevant conditions being satisfied (or, if applicable, waived), it is expected that dealings in the Placing Shares will commence on AIM at 8.00 a.m. on 9 September 2013. It is expected that definitive evidence of title to the Placing Shares will be delivered under CREST on the date of their Admission where delivery is requested in uncertificated form, or by first class post by 23 September 2013 where delivery is requested in certificated form. No temporary documents of title will be issued.

The Placing is conditional on, inter alia, the passing of the Resolutions at the General Meeting, including a special resolution which will give the Directors the required authority to disapply statutory pre-emption rights in respect of the allotment of the Placing Shares.

A General Meeting of the Company will be held at 12.00 p.m. on 6 September 2013 at One America Square, Crosswall, London EC3N 2SG for the purpose of considering and, if thought fit, passing the Resolutions.

The Company is also pleased to announce the appointment of Nplus1 Singer Advisory LLP and Nplus1 Singer Capital Markets Limited ("N+1 Singer") as the Company's Nomad and Broker with immediate effect.

Commenting on the Placing, Simon Cleaver, Executive Chairman of the Company, said:

"We are pleased with the outcome of the Placing as it helps secure the future for Synety. The timing of this fundraising is also important as we currently see growth opportunities around almost every corner and we intend to use our first mover position to full advantage."

Capitalised terms used in this announcement have the meanings given to them in the Circular.

Copies of the Circular will shortly be available on the Company's website (www.synety.com) and will also be available at the Company's office at Studio 4, Phoenix Square, 1 Burton Street, Leicester LE1 1TB.

For further information please contact:

 
 Synety Group plc 
  Simon Cleaver                01344 667 347 
 
 Square1 Consulting            020 7220 0500 
 David Bick / Mark Longson 
 
 N+1 Singer                    020 7496 3000 
 Shaun Dobson / Matt Thomas 
 

N+1 Singer

N+1 Singer, which is a member of the London Stock Exchange and is authorised and regulated in the UK by the Financial Conduct Authority, is acting as nominated adviser and broker to Synety Group plc in connection with the proposed Placing. N+1 Singer is acting exclusively for Synety Group plc in connection with the Placing and no one else. N+1 Singer will not be responsible to anyone other than Synety Group plc for providing the protections afforded to clients of N+1 Singer nor for advising any other person on the transactions and arrangements described in this announcement or the Circular. No representation or warranty, express or implied, is made by N+1 Singer as to any of the contents of this announcement or the Circular. Apart from the liabilities and responsibilities, if any, which may be imposed on N+1 Singer by the Financial Services and Markets Act 2000 or the regulatory regime established under it, N+1 Singer accepts no responsibility whatsoever for the contents of this announcement or the Circular or for any other statement made or purported to be made by it or on its behalf in connection with Synety Group plc, the Ordinary Shares, the New Ordinary Shares or the Placing. N+1 Singer accordingly disclaims all and any liability whatsoever whether arising in tort or contract or otherwise (save as referred to above) which it might otherwise have in respect of this announcement or the Circular or any such statement.

This information is provided by RNS

The company news service from the London Stock Exchange

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