Placing and Change of Name

 

TIDMBGT 
 
RNS Number : 9501M 
Bright Things plc 
02 June 2010 
 

                                Bright Things Plc 
 
                                    Placing 
                                 Change of Name 
 
The Board of Directors of Bright Things Plc ("Bright Things" or "Company") is 
pleased to announce that the Company has conditionally raised GBP500,000 before 
expenses by way of an issue of 40,000,000 new ordinary shares of 1 penny each 
("Ordinary Shares") at a price of 1.25 pence per share ("the Placing").  Each 
participant in the placing will also receive one warrant to subscribe for a new 
Ordinary Share at a price of 1.5 pence per share at any time until 16 June 2016 
for every 4 ordinary shares subscribed for in the Placing. 
 
The Placing has been subscribed for by certain existing shareholders and 
directors and the net proceeds will be used to provide additional working 
capital for the Company to fund, (i) the continuing development of its internet 
based social networking software, SocialGO, (ii) an increase in marketing 
initiatives related to the SocialGO software service, and (iii) the expansion of 
its management and software development teams. 
 
As a result of the Placing, the interests of the directors participating in the 
Placing by the Company will be as follows: 
 
+--------------------+--------------+--------------------------+ 
| Director           |     Ordinary |     Percentage of issued | 
|                    |       Shares |   ordinary share capital | 
+--------------------+--------------+--------------------------+ 
| Dominic Wheatley   |   71,805,102 |                    19.8% | 
+--------------------+--------------+--------------------------+ 
| Ian Livingstone    |   12,905,556 |                     3.6% | 
+--------------------+--------------+--------------------------+ 
| Vikrant Bhargava*  |   61,448,000 |                    16.9% | 
+--------------------+--------------+--------------------------+ 
| Alex Halliday      |   16,992,432 |                     4.7% | 
+--------------------+--------------+--------------------------+ 
| Stephen Hardman    |   15,801,202 |                     4.4% | 
+--------------------+--------------+--------------------------+ 
*Vikrant Bhargava holds his interest through Bentworth Holdings Ltd, trading as 
Veddis Ventures, a company in which he holds an indirect beneficial interest. 
 
The Placing is conditional upon shareholder approval and a circular has been 
posted to shareholders convening a general meeting of the Company on 16 June 
2010 to consider and if thought fit pass the appropriate resolutions.  It is 
anticipated that the Ordinary Shares the subject of the Placing will, subject to 
shareholder approval, be admitted to trading on AIM with effect from 17 June 
2010. 
 
In addition to the Placing, the Company has also entered into an agreement with 
Bentworth Holdings Limited, which trades as Veddis Ventures, a company in which 
Vikrant Bhargava holds an indirect beneficial interest, pursuant to which Veddis 
Ventures has conditionally agreed to subscribe for up to a further 40,000,000 
new Ordinary Shares at a subscription price of 1.25 pence per share, being a 
maximum subscription amount of GBP500,000, at any time between 16 September 2010 
and 15 September 2011, should the Company request it to do so. 
 
In connection with Veddis Ventures subscription for the Placing, the Company has 
agreed that, for so long as it holds not less than 15 per cent. of the issued 
share capital of the Company, Veddis Ventures will be entitled to appoint an 
additional non-executive director to the board of Bright Things, provided such 
person is first approved by the Board and the Company's nominated adviser. 
 
Change of Name 
 
The Board of Directors of the Company also announces that it is proposing to 
change the name of the Company to SocialGO Plc, in order to better align and 
associate the name of the Company with the internet based social networking 
software service, SocialGO, from which the Company's revenues are generated. 
 
 
Further Information 
Bright Things PLC                      0845 299 7289 
Dominic Wheatley, CEO 
 
Astaire Securities Plc                  020 7448 4400 
William Vandyk 
 
www.SocialGO.com 
www.brightthings.com 
 
 
 
About SocialGO 
SocialGO is an online platform of social networking software that allows 
customers to create, manage and control their own social network quickly and 
easily. Members who join a network can communicate and share with like minded 
people in a controlled, secure environment. SocialGO operates a subscription 
business model that derives its revenues from premiums paid by network owners 
and from value added services that allow the network owner to maximise the 
revenues that they can earn by creating and managing a social network. SocialGO 
is based in London, UK. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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