Business
Placing, Notice of GM, AGM & Board Changes
Placing, Notice of GM, AGM & Board Changes.
About this update from Blackbird Plc
[{"type":"text","content":"\n \nRNS Number : 5806X Forbidden Technologies PLC 09 May 2016 \n\n \n \n9 May 2016\n \nForbidden Technologies plc\n(\"Forbidden\" or the \"Company\")\n \nPlacing to raise £1.3 million, Notice of General Meeting,\nNotice of Annual General Meeting and Board Changes\n \nPlacing \n \nForbidden Technologies plc (AIM: FBT), the AIM-quoted owner and developer of Forscene (the market-leading cloud video platform), Captevate (the consumer video editor), and eva (the video social network), is pleased to announce a placing to raise £1.3 million (before expenses) through the issue of 18,571,421 new ordinary shares of 0.8 pence each (the \"Placing Shares\") at a price of 7 pence per Placing Share (the \"Placing\") in two tranches. \n \nThe Placing was conducted by Allenby Capital Limited (\"Allenby Capital\") and the Placing Shares have been placed with institutional and other investors, including existing shareholders. Of the funds raised, £923,800 is conditional, inter alia, on the approval of shareholders at a general meeting of the Company to be held on 6 June 2016 (the \"GM\") of a resolution to provide authority to the Directors to issue and allot further new ordinary shares otherwise than on a pre-emptive basis, further details of which are set out below.\n \nThe net proceeds of the Placing, which will be approximately £1.2 million, will be used to advance the growth of the global professional sales infrastructure for Forscene, to advance the marketing and growth of Captevate and eva, to capitalise on some immediate strategic revenue opportunities and to support working capital through to profitability and cash generation.\n \nFollowing completion of the Placing the Company will be focusing its attention on making sales of its existing products and services and will be investing in its sales infrastructure. At the same time the Company will be undertaking a focused cost reduction exercise in other areas of the business.\n \nA circular (the \"Circular\"), containing information in relation to the Placing and convening the General Meeting and the Annual General Meeting, is expected to be sent to shareholders today. The Circular will be available on the Company's website at www.forbidden.co.uk in due course. \n \nThe Company will also be posting its Report and Accoun...