Ideagen PLC Result of General Meeting (5462B)

TIDMIDEA

RNS Number : 5462B

Ideagen PLC

07 January 2015

Ideagen plc

("Ideagen" or the "Group")

Result of General Meeting

Ideagen, a leading supplier of Information Management software to highly regulated organisations, is pleased to announce that, at the Company's general meeting held earlier today, both resolutions put to shareholders were duly passed.

Accordingly the placing of 51,470,589 ordinary shares of 1 pence each (the "Placing Shares") at 34 pence per share raising gross proceeds of GBP17.5 million will complete upon admission of the Placing Shares to trading on AIM ("Admission"), which is expected to occur at 8.00 a.m. on 9 January 2015.

Furthermore, the proposed acquisition of the entire issued share capital of Gael Limited (the "Acquisition") for net cash consideration of GBP18 million will complete within 3 business days following Admission, when payment of the cash consideration has been made to the Vendors in accordance with the terms of the Acquisition Agreement.

Further details of the Placing and Acquisition are set out in the announcement and the circular to Shareholders, both dated 18 December 2014 and which are available on the Company's website, www.ideagenplc.com. Defined terms used in this announcement, unless otherwise stated, have the same meaning as those set out in the announcement of 18 December 2014.

Subsequent to the issue of the Placing Shares, the total number of issued ordinary shares will be 174,323,678. There are no ordinary shares held in treasury and so the total number of voting rights in the Company will be 174,323,678.

The above figures may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.

David Hornsby, CEO, commented;

"Combining Ideagen and Gael creates a stronger business, both strategically and financially. Gael has established an extremely compelling value proposition comprising strong IP and long-term relationships with its extensive customer base which includes over 130 NHS Trusts and over 300 airlines. We believe that the Enlarged Group now has an outstanding opportunity to exploit the growing risk and compliance market, thereby enhancing shareholder value."

 
 Enquiries: 
 Ideagen Plc                                Tel: [phone] 
 David Hornsby, Chief Executive 
 Graeme Spenceley, Finance Director 
 
 finnCap (Nominated Adviser and Broker)     Tel: [phone] 
 Charlotte Stranner (Corporate Finance) 
 Victoria Bates/Stephen Norcross 
  (Corporate Broking) 
 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

REGBDGDBSUGBGUR