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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Touch Grp | LSE:TOU | London | Ordinary Share | GB0002785516 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMTOU RNS Number : 1822E Touch Group PLC 16 December 2009 16 December 2009 Touch Group plc ("Touch" or the "Company") Placing and Loan Conversion and Change of accounting reference date PLACING Touch Group plc is pleased to announce that it has successfully raised GBP780,000 before expenses by way of a placing of 39,000,000 new ordinary shares of 1p each in the capital of the Company ("new Ordinary Shares") at 2 pence ("Placing Price") per new Ordinary Share (the "Placing"). In addition, Vincent Isaacs, the Company's Executive Chairman, has agreed to convert GBP100,000 which is part of a loan previously made by him to the Company into 5,000,000 new Ordinary Shares at the Placing Price (the "Loan Conversion"). The net proceeds of the Placing will be used to speed the development of the Company's Medical Education and Communications Division and expand our Pharma and Energy Divisions. The 44,000,000 new Ordinary Shares to be issued pursuant to the Placing and the Loan Conversion will rank pari passu in all respects with the existing issued ordinary share capital of the Company. These new Ordinary Shares have been allotted conditionally upon being admitted to trading on AIM by no later than 31 December 2009. Application has been made for the new Ordinary Shares to be admitted for trading on AIM and trading is expected to commence on 21 December 2009. RELATED PARTY TRANSACTION Schroder Investment Management Limited, a related party of the Company, has subscribed for 12,500,000 new Ordinary Shares in the Placing at the Placing Price. Following completion of this transaction, Schroder Investment Management Limited's interest in the Company will be 29,150,000 Ordinary Shares, representing approximately 18.01% per cent of the enlarged issued share capital of the Company. The issue of new Ordinary Shares to Schroder Investment Management Limited is Related Party Transactions for the purpose of AIM Rule 13. The directors consider, having consulted with Shore Capital and Corporate Limited, the Company's Nominated Adviser, that the terms of the related party transaction with Schroder Investment Management Limited are fair and reasonable insofar as the Company's shareholders are concerned. HOLDINGS ON COMPLETION OF THE PLACING AND LOAN CONVERSION Set out below are the current interests of the shareholders participating in the Placing and Loan Conversion, the number of new Ordinary Shares taken up by those shareholders pursuant to the Placing and Loan Conversion and their aggregate interests in the Company's issued share capital following completion of the Placing and the Loan Conversion. +-------------------+------------+------------+------------+ | | | | | | Shareholder | Number | Aggregate | Following | | | of new | interests | the | | | Ordinary | following | Placing | | | Shares | completion | and Loan | | | being | of the | Conversion | | | issued | Placing | Percentage | | | | and Loan | of the | | | | Conversion | enlarged | | | | | issued | | | | | share | | | | | capital | +-------------------+------------+------------+------------+ | Schroder | 12,500,000 | 29,150,000 | 18.01% | | Investment | | | | | Management | | | | | Limited | | | | +-------------------+------------+------------+------------+ | Vincent | 5,000,000 | 28,596,859 | 17.67% | | Isaacs (Executive | | | | | chairman) | | | | +-------------------+------------+------------+------------+ | Herald | 5,000,000 | 22,226,212 | 13.73% | | Investment | | | | | Management | | | | | Limited | | | | +-------------------+------------+------------+------------+ | Jeremy | 12,500,000 | 15,500,000 | 9.58% | | Isaacs | | | | +-------------------+------------+------------+------------+ | Nicholas | 4,000,000 | 9,375,000 | 5.79% | | Slater | | | | +-------------------+------------+------------+------------+ | Martin | 5,000,000 | 7,002,000 | 4.33% | | Reuben | | | | +-------------------+------------+------------+------------+ CHANGE OF ACCOUNTING REFERENCE DATE The Company also announces that its accounting reference date has been changed from 31 December to 31 March with the next Audited Annual Financial Statements being for the 15 month period to 31 March 2010. Accordingly, the Company will release, prior to 31 March 2010, second interim results in respect of the six month period ending 31 December 2009. TOTAL VOTING RIGHTS Following the Placing, the issued share capital of the Company will increase by 37.3 per cent to 161,858,588 Ordinary Shares of 1p each. In accordance with the Disclosure and Transparency Rules, the Company confirms that its issued share capital as at the date of this announcement comprises 161,858,588 Ordinary Shares of 1p each. This figure 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 share capital of the Company under the Disclosure and Transparency Rules (as applied to the Company by AIM Rule 17). Vincent Isaacs, Executive Chairman of Touch, stated: "The Company has made radical operational changes to deal with the fast changing regulatory environment in the markets in which we operate. These changes were not fully implemented until September but are crucial to our business as a whole given the interdependence of all sections." "We are closing this year on 31 March 2010 to enable us to tighten our book schedules. This will assist with timing issues and also give us the right start for 2010. Our new trading year will therefore start on 1 April 2010." "We have successfully relocated our offices following a Compulsory Purchase Order served by Crossrail. Although the move resulted in loss of a number of working weeks this year we now, as a result of the move, occupy state of the art premises which are purpose built for our requirements and at a much reduced cost. In addition, we now have in place robust IT systems which are critical for our online content." "Our journal sales are extremely well led and are interfacing with our Medical Communications and Editorial teams in an exemplary fashion. Energy, which has always been a small part of our business is thriving and promising to become far more dominant. Editorial has been merged with sub editorial, design and layout and as a cohesive team are now delivering innovation and quality." For further information please contact: Touch Group plc Vincent Isaacs Executive Chairman Tel: 020 7452 5222 Shore Capital and Corporate Limited Nominated Adviser to the Company Dru Danford/Edward Mansfield Tel: 020 7408 4090 This information is provided by RNS The company news service from the London Stock Exchange END LISCKPKBFBDDKBD
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