Business
Issue of Equity and General Meeting
Issue of Equity and General Meeting.
About this update from Image Scan Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 7865G Image Scan Holdings PLC 18 May 2011 \n \n\n 18 May 2011\nImage Scan Holdings plc\n(\"Image Scan\" or \"the Company\")\n \nIssue of Equity and General meeting\n \nThe Board of Directors of Image Scan (the \"Board\") is pleased to announce that, following an approach by a strategic investor, Rise Step International Development Limited, (\"Rise Step\"), the Company has agreed a conditional placing of 15,000,000 ordinary shares (the \"Placing Shares\") at a price of 2 pence per share to raise gross funds of £300,000. The Placing is conditional upon the passing of the resolutions at the general meeting of the Company to be held on 21 June 2011. \n \nOver the last two years the Company has followed a strategy to move away from being an R&D and custom solutions provider into a more commercial and customer focused organisation. Delivery of standard systems from stock has required the Company to increase its stock levels to support prompt turnaround of sales. This increase in stock requirement has inevitably placed more pressure on the working capital position of the Company, and this will increasingly be the case as the product range is extended further.\n \nThe Placing\n \nRise Step is a Hong Kong resident limited liability investment company whose sole director is Lu Qing. The Board understands that Rise Step believes there are opportunities for the Company's products in Asia and the Far East and wishes to invest in the Company to provide the focus for both reducing the cost of key components through overseas sourcing and for opening up routes to market in the region. Th...