Business
Placing of Shares
Placing of Shares.
About this update from Bango Plc
[{"type":"text","content":"\n RNS Number : 0611A Bango PLC 29 July 2008 \n \n29 July 2008\n\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, JAPAN, CANADA, AUSTRALIA OR THE REPUBLIC OF IRELAND\n\n\nBango plc\n('Bango' or 'the Company')\n\nPlacing of 1,345,000 Ordinary Shares at 33.5 pence per share to raise £450,575 (the 'Placing')\n\nBango plc (AIM: BGO), a leading mobile internet technology company, is pleased to announce that it has raised £450,575 before expenses, through a placing of 1,345,000 new Ordinary Shares at 33.5 pence each ('Placing Price') (the 'Placing Shares'). Ray Anderson (CEO and co-founder) and Anil Malhotra (VP Marketing and Alliances and co-founder) have each subscribed for 476,776 and 20,000 shares respectively. The remainder of the Placing Shares have been conditionally placed with existing investors by Bango and the Company's NOMAD and broker, Panmure Gordon. \n\nThe majority of the proceeds of the Placing will be used to provide the Company with additional working capital, primarily to enable Bango to accelerate payments to selected content providers ahead of receipt from mobile operators. The provision of this service provides additional percentage margin for Bango and enables these Bango customers to grow their business faster. The remainder of the proceeds will be used to repay an unsecured loan of £125,000 from ISNET (a Company controlled by Ray Anderson). This loan had been advanced ahead of the Placing to allow Bango to test this accelerated payment service with two content providers.\n\nApplication will be made for admission of the Placing Shares to AIM and dealings are expected to commence on 1 August 2008. The Placing Shares will, on Admission, rank pari passu with the existing Ordinary Shares.\n\nLindsay Bury, Chairman of Bango, commented on the Placing and the current trading of the Company:\n\n'Bango is continuing to make progress towards profitability and is experiencing significant growth in end-user revenues from larger customers in the USA. These funds will give the Company flexibility to enhance the service offering to selected content providers, delivering an additional margin opportunity.'\n\nFor further information please contact: \n\n\n\n\n\n Bango plc \n\n\nICIS \n\n\nPanmure Gordon &...