Business
Proposed Firm Placing and Open Offer
Proposed Firm Placing and Open Offer.
About this update from Blackbird Plc
[{"type":"text","content":"\n \nRNS Number : 4422H Forbidden Technologies PLC 20 June 2013 \n \n\nTHIS ANNOUNCEMENT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, SOUTH AFRICA, THE REPUBLIC OF IRELAND OR AUSTRALIA OR NEW ZEALAND OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\n \n20.06.13\n \nForbidden Technologies plc\n(\"Forbidden\" or the \"Company\")\nProposed Firm Placing and Open Offer\n \nForbidden Technologies plc (AIM:FBT), the AIM-quoted owner and developer of the market leading Cloud video platform, FORscene, announces a firm placing and open offer to raise up to £9.0 million (before expenses) to provide capital for the Company's expansion and to cement the Company's position at the forefront of global video editing technology.\n \nThe Company announces a conditional Firm Placing of 40,000,000 new Ordinary Shares at 20 pence each to raise gross funds of £8.0 million by a means of a placing by Cenkos Securities which was significantly oversubscribed. In addition, in order to provide Qualifying Shareholders with an opportunity to subscribe for new Ordinary Shares at the same price, the Company announces a proposed Open Offer to raise up to a further £1.0 million (before expenses).\n \nHighlights\n \n· Proceeds - Up to £9.0 million (before expenses) will be raised by way of a conditional Firm Placing with\n certain existing and new investors and an Open Offer to Qualifying Shareholders, both at a price of 20\n pence per Ordinary Share.\n· Use of Funds - Funds will be used to expand upon Forbidden's marketing of its technological leading\n platform. In addition, these funds will aid the Company to support distributors in providing after-sales\n service to end customers and to provide additional working capital as the business itself continues to\n develop new customer relationships. The Company also intends to make new appointments that will\n strengthen the senior management team.\n· Open Offer - Up to £1.0 million (before expenses) will be raised from an Open Offer at the Issue Price\n (being 20 pence) (representing a discou...