Business
Forbidden raises £1.6m via in
Forbidden raises £1.6m via in.
About this update from Blackbird Plc
[{"type":"text","content":"\n RNS Number : 3589U Forbidden Technologies PLC 14 October 2010 \n \n\n14 October 2010\n \n \nForbidden Technologies plc\n(\"Forbidden\" or \"the Company\")\n \n \nForbidden raises £1.6m via institutional placing \n \nForbidden Technologies (AIM: FBT), the AIM-quoted developer of the market leading Cloud video platform FORscene, is pleased to announce that it has raised £1.6 million before expenses, via a placing ('the Placing') of 4,847,000 new ordinary share of 0.8 pence in the Company ('the New Ordinary Shares'), with a number of institutional investors, at a price of 33 pence per share, closing mid price on 13 October 2010.\n \nThe Placing achieves four strategic goals:\n· to reduce the number of shares held by Board members to below 75%;\n· to enable the repayment of all outstanding loans;\n· to provide a significant cash reserve; and\n· to enlist institutional support for the Company\n \nThe Placing is conditional on the admission of the New Ordinary Shares to trading on AIM. 4,847,000 New Ordinary Shares were allotted yesterday, and application will be made for these shares to be admitted to trading on AIM. Trading in the New Ordinary Shares is expected to commence on 20 October 2010.\n \nFollowing Admission of the 4,847,000 shares allotted yesterday, the Company's enlarged issued share capital will be 86,169,500shares.\nStephen Streater, CEO of Forbidden Technologies, said: \"The Company has crossed the threshold for serious institutional investment. We look forward to the future with confidence.\" \n-Ends-\n \n \nFor further information please visit www.forbidden.co.uk or contact:\n \nForbidden Technologies plc\nTel: 020 8879 7245\nStephen Streater, Chief Executive\n \nBrewin Dolphin \nTel: 0845 213 4726\nNeil Baldwin, Nominated Advisor\n \nBishopsgate Communications\nTel: 020 7562 3350\nGemma O'Hara\nSiobhra Murphy\[email protected] \n \n \nNotes to Editors\n \nForbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.\n \nThe Company develops and markets a powerful internet video platform, FORscene, which is used by broadcasters, in professional web vid...