Business
Creston PLC Placing
Creston PLC Placing.
About this update from Conduit Holdings Ltd.
[{"type":"text","content":"\n RNS Number : 2217V Creston PLC 07 July 2009 \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, JAPAN, CANADA, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA OR THE REPUBLIC OF IRELAND. \n\n\nCreston Plc\n\nCash Placing\n\n7 July 2009\n\nCreston PLC (\"Creston\" or the \"Company\"), the insight and communications group, today announces the placing of 5,576,100 new Ordinary Shares (the \"Placing Shares\") at 60 pence per share to raise approximately £3.3m (gross) for the Company (the \"Cash Placing\"). The Board believes that the Company will benefit from the strengthened capital base and improved funding flexibility.\n\nOn 23 June 2009, the Company announced its unaudited preliminary results for the year ended 31 March 2009. At that time, Don Elgie, Chief Executive, commented \"Delivering a solid year of growth in revenue, profit and cash flow during this economic climate bears testament to the quality and reputation of our companies and management teams. We continued to grow our market share, driven by the excellent net new business performance and this provides good visibility for the year ahead. This robust performance has been driven firstly, by our weighting towards market research, integrated digital communications and healthcare marketing; and secondly, by delivering effective accountable work to a blue chip client list. Our strategic priorities remain unchanged for the coming year. We will invest in our people and our market offer, with the clear vision to deliver a market leading performance to our clients and shareholders. We believe our new divisional structure, together with our proven expertise in the digital environment, will continue to serve us well in the coming year when the world's economies begin to climb out of recession\". The Group has not experienced any material change since this statement was made.\n\nInvestec has conditionally placed these new Ordinary Shares with institutional investors pursuant to the terms of the Placing Agreement. \n\nThe Cash Placing is conditional upon, inter alia:\ni) Placees having agreed to acquire all of the new Ordinary Shares at the Placing Price (upon the terms and subject to the conditions set out ...