Business
Placing / Trading Update /EGM
Placing / Trading Update /EGM.
About this update from Acg Metals Limited Class A
[{"type":"text","content":"\n Accuma Group PLC\n25 January 2006\n\n\nPress Release 25 January 2006\n\n\n Accuma Group plc\n\n PLACING/TRADING UPDATE/EGM NOTICE\n\nAccuma Group Plc ('Accuma', the 'Company' or the 'Group'), a leading provider of\npersonal debt advice specialising in Individual Voluntary Arrangements ('IVAs'),\nannounces that it has conditionally raised £5 million for the Group (before\nexpenses) ('Placing') and conditionally arranged a vendor placing of 3.5 million\nexisting ordinary shares by certain of the directors ('Vendor Placing') to\nsatisfy demand from institutional investors and increase the free float.\n\nAll of the 2.5 million new ordinary shares and 3.5 million existing ordinary\nshares have been placed at a price of £2.00 per share. The new ordinary shares\nare expected to be admitted to trading on AiM on 20 February 2006.\n\nThe net proceeds of the Placing receivable by the Group are expected to be\napproximately £4.75 million which will be used to provide working capital and\nenable the Group to:\n\n• accelerate the increases in the number of IVA's the Group is handling;\n\n• explore new marketing and sales channels to broaden the Group's routes to \n market; and\n\n• make further investment in infrastructure and continue to refine its \n internal systems in order to PDF1maximise efficiency.\n\nIn addition the Company has conditionally placed 3.5 million existing ordinary\nshares at a price of £2.00 per share. Charles Howson (Chief Executive), Robert\nBenjamin (Marketing Director) and Nicola Roberts (Executive Director), the '\nVendors' are selling, respectively, 2,865,000, 575,000 and 60,000 shares to\nsatisfy demand from institutional investors and to increase the free float, and\nhence liquidity, of the shares. The Vendors will, following the Vendor Placing,\nretain an interest in an aggregate of 8,372,938 ordinary shares in the Group\nrepresenting 33.46 per cent. of the Company's then issued share Capital\n\nThe Placing and the Vendor Placing are conditional on each other and require\nshareholder approval. Holders of Ordinary Shares will be asked to approve the\nPlacing at an Extraordinary General Meeting to be held on 17 February 2006 at\n12.00hrs at the offices of Memery Crystal, 44 Southampton Buildings, London WC2A\n1AP.\n\nIn addition the Group today releases a trading update ahead of its interim\nresults w...