Business
Subscription to raise ?0.92 million
Subscription to raise ?0.92 million.
About this update from Altitude Group Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 8341B Altitude Group PLC 25 February 2011 \n\n25 February 2011\nAIM: ALT\nAltitude Group Plc\n(\"Altitude\" or the \"Group\") \nSubscription to raise £0.92 million\nThe Directors of Altitude are pleased to announce that, in response to investor demand and using its current shareholder authorities to issue new shares, Altitude has raised £916,800 before expenses pursuant to a subscription (\"Subscription\") by new and existing investors for 3,820,000 new ordinary shares of 0.4 pence, at 24p per share (\"Subscription Shares\"). The funds raised from the Subscription will give Altitude the flexibility to pursue a number of organic and acquisition opportunities, which it is currently examining, particularly in relation to its Trade Only business in the US, and will also strengthen the Group's balance sheet.\nThe Subscription is conditional, inter alia, on admission of the Subscription Shares to trading on AIM, which is expected to become effective on 28 February 2011. The Subscription Shares will rank pari passu with the Company's existing ordinary shares in issue. Following the issue of the Subscription Shares, the total number of shares in issue will be 42,023,480.\n \nThe above figure may be used by shareholders in the Company as the denominator for the calculation 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 Financial Service Authority's Disclosure and Transparency Rules. \nColin Cooke, Chairman of Altitude, said:\n\"We are delighted to be broadening our shareholder base through this subscription which will give us increased flexibility in financing our growth.\"\nEnquiries:\n \n\n\n\n\nAltitude Group plc\n\n\n\n\n\n\n\nColin Cooke (Chairman)\n\n\nTel: 0870 224 6677\n\n\n\n\nMartin Varley (Chief Executive)\n\n\nTel: 07912 599 012\n\n\n\n\n\n\n\n\n\n\n\n\nMerchant Securities Limited\n\n\n\n\n\n\n\nLindsay Mair / Bidhi Bhoma\n\n\nTel: 020 7628 2200\n\n\n\n\n \n \nNotes: \nAltitude Group plc has two distinct but related businesses. The Promotional Marketing division is one of the UK's leading providers of promotional merchandise to corporate and trade customers and has been built through a combination of organic growth and bolt-on acquisitions.&n...