Outsourcery PLC Proposed Subscription of £1m by Strategic Investor (4720A)

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RNS Number : 4720A

Outsourcery PLC

29 September 2015

29 September 2015

Outsourcery plc

("Outsourcery" or the "Company")

Proposed subscription of GBP1m by Strategic Investor

Outsourcery PLC (AIM: OUT), a leading Cloud Service Provider focused on the provision of unified communications solutions, based on Microsoft Skype for Business, and Infrastructure-as-a-Service for commercial and public sector organisations, is pleased to announce that Lawrence Jones MBE, an individual investor with deep business experience of the UK internet and communications technology sector, has agreed to subscribe for a total of 5,555,556 new ordinary shares in Outsourcery.

The new ordinary shares being subscribed represent 10.52 per cent of the existing issued share capital of the Company and are being issued at a price of 18 pence per new Ordinary Share, representing a 12.5 per cent premium to the closing price of 16 pence at close of business on 28 September 2015.

Lawrence is founder and CEO of UKFast, a Manchester-based internet hosting provider. UKFast and Outsourcery operate in adjacent markets but do not directly compete. Lawrence is investing in a personal capacity and the Board of Outsourcery believes that this investment further strengthens Outsourcery's ability to pursue and accelerate its growth, both through the injection of additional funds and the benefit of additional market insights and potential partnership.

An application has been made to the London Stock Exchange for the 5,555,556 new Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 5 October 2015. The new Ordinary Shares will, when issued, rank pari passu in all respects with the existing Ordinary Shares. Upon admission, the enlarged issued share capital of the Company will be 52,819,514 Ordinary Shares.

Welcoming the investment, Ken Olisa OBE, Outsourcery PLC Non-Executive Chairman said:

"We welcome this investment by Lawrence who is a highly successful entrepreneur and acknowledged expert in our sector. This commitment, following on from Vodafone's provision of debt facilities announced in July, further strengthens our company as we pursue our plans to lead in the provision of Microsoft's Cloud-based unified communications solutions."

Ends

For further information please contact:

 
 Outsourcery plc 
  Piers Linney, Co-CEO 
  Simon Newton, Co-CEO          [phone] 
 Investec 
  Andrew Pinder / Patrick 
  Robb / Dominic Emery          [phone] 
 FTI Consulting 
  Matt Dixon / Dwight Burden 
  / Rob Mindell                 [phone] 
 

About Outsourcery

Outsourcery is a world-leading UK-based Cloud Service Provider ("CSP") focused on the provision of unified communications solutions, based on Microsoft Skype for Business, and Infrastructure-as-a-Service for commercial and public sector organisations.

Outsourcery offers hosted software applications (software-as-a-service), cloud infrastructure (infrastructure-as-a-service) and next generation unified communications and collaboration solutions based on Microsoft Skype for Business and is capable of fully integrated solutions to meet the needs of customers, partners and the UK public sector alike.

Outsourcery's O-Cloud platform has been certified to run government classified information at 'Official' and 'Official sensitive' over the internet. This gives Outsourcery CESG Pan Government Accreditation ("PGA") to meet data sovereignty and security specifications for the public sector. The Company's Assured O-Cloud platform has been certified to run government classified information at 'Official' and 'Official sensitive' over the Public Services Network (PSN) and is aimed at UK central government departments. Outsourcery was a Finalist for Microsoft's worldwide Government Partner of the Year 2015 award and the only UK finalist.

Outsourcery has 110 employees, with offices in Manchester, London and Leicester.

This information is provided by RNS

The company news service from the London Stock Exchange

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September 29, 2015 02:02 ET (06:02 GMT)