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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altea Green Power Spa | BIT:AGP | Italy | Ordinary Share |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -0.72% | 8.26 | 8.21 | 8.27 | 8.33 | 8.17 | 8.30 | 14,583 | 15:41:45 |
RNS Number:2587U AIT Group PLC 15 January 2004 15 JANUARY 2004 AIT GROUP PLC ("AIT" or "the Company") PLACING OF NEW ORDINARY SHARES TO RAISE APPROXIMATELY #2.74 MILLION REPAYMENT OF LOAN NOTE AIT Group plc announces that 4,571,880 new ordinary shares of 2.5 pence each in the share capital of the Company (the "Placing Shares") have been placed by Arbuthnot Securities Limited with institutional investors at a price of 60 pence per share to raise approximately #2.74 million before expenses (the "Placing"). The Placing Shares represent approximately 10 per cent. of the existing issued share capital of the Company. AIT also announces that it has reached agreement with Information Management Associates, Inc. ("IMA") for the effective repayment of a promissory note of US$3.5 million ("the IMA Loan Note") issued by AIT to IMA as part of the consideration for the original purchase of IMA's business and assets in September 2001. Under this new agreement between AIT and IMA, IMA has agreed to accept the sum of US$1.75 million, plus a contribution towards IMA's costs not to exceed US$50,000, payable in cash, in full and final settlement of the IMA Loan Note. Accordingly, approximately #1 million of the net proceeds of the Placing will be used to repay the IMA Loan Note, thereby removing a balance sheet liability of US$3.5 million. The remaining net proceeds of the Placing will be utilised to further strengthen the Company's balance sheet. Nick Randall, Chief Executive Officer of AIT, said today, "As we stated at the time of our Interim results last November, we have been proactively investigating ways in which to improve our balance sheet and further strengthen our financial position. We are therefore very pleased to announce the raising of these additional funds and are particularly encouraged by the level of demand we have experienced. The strengthening of our balance sheet is a key part of our growth strategy and will leave us better positioned to develop the Company and deliver shareholder value in the long-term." Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on the Alternative Investment Market of the London Stock Exchange ("AIM"). The Placing Shares will rank pari passu with the existing ordinary shares of 2.5 pence each in the share capital of the Company ("Ordinary Shares"). The Placing is conditional, inter alia, on the admission of the Placing Shares to AIM becoming effective, which is expected to occur on 21 January 2004, when dealings in the Placing Shares are expected to commence. ENQUIRIES: AIT Group plc Tel. 01491 416600 Nick Randall, Chief Executive Officer Matthew White, Chief Financial Officer Arbuthnot Tel. 020 7002 4600 Guy Peters, Corporate Finance Dru Danford, Corporate Finance ICIS Tel. 020 7628 1114 Archie Berens 07802 442486 (mobile) Caroline Evans-Jones END This information is provided by RNS The company news service from the London Stock Exchange END IOEQKQKNFBKDFDD
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