Business
Placing to raise GBP0.3 million
Placing to raise GBP0.3 million.
About this update from Mediazest Plc
[{"type":"text","content":"\n \n12 February 2010\n\n MediaZest plc \n\n (\"MediaZest\" or the \"Company\") \n\n Placing to Raise £0.3 million \n\n Directors' Interests \n\n Change of Accounting Reference Date \n\nPlacing\n\nThe Board of MediaZest announces that it has raised £324,000 to fund the\nCompany's working capital requirements by way of a placing with existing and\nnew investors of 64,800,000 new ordinary shares of 0.1p (the \"Placing Shares\")\nat a price of 0.5p per share, being the closing mid price on 11 February 2010.\n\nThe Placing Shares represent approximately 38.7 per cent of the enlarged issued\nshare capital and will rank parri passu with the existing ordinary shares.\n\nApplication has been made to AIM for the admission of the Placing Shares and\ndealings are expected to commence at 8.00am on 18 February 2010.\n\nDirectors' Interests\n\nLance O'Neill, the Company's non-executive Chairman, has subscribed for\n2,000,000 Placing shares. In addition, EP&F Capital Plc, a company of which he\nis a director and shareholder, has subscribed for a further 9,000,000 Placing\nShares.\n\nGeoffrey Robertson, the Company's Chief Executive Officer and Finance Director,\nhas subscribed for 1,000,000 Placing Shares as part of the fundraising.\n\nFollowing this issue of Placing Shares, the interests of the Mr O'Neill and Mr\nRobertson are as follws:\n\nName Number of Placing Total number of Percentage of\n Shares issued ordinary shares issued share\n held capital\n \nLance O'Neill 2,000,000 5,184,121 3.1\n \nEP&F Capital Plc 9,000,000 13,000,000 7.8\n \nGeoffrey Robertson 1,000,000 3,115,000 1.9\n\nFollowing the issue of the Placing Shares, the total number of shares in issue\nis 167,625,327 ordinary shares of 0.1p each. As the Company does not hold any\nordinary shares in Treasury its total number of voting rights equals its\ncapital. This figure has been used in determining the percentage holdings in\nthe above table.\n\nChange of Accounting Period\n\nIn view of this significant fundraising being completed only shortly after the\nCompany's normal year end date, the Board have decided to extend the current\nperiod to 15 months, ending 31 March 2010. This will enable the Company to\npresent updated accounts that better reflect the current position and its\nimprovement since the last reporting period.\n\nThe Company will, as a consequence of thi...