Business
Update on placing
Update on placing.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n Symphony Plastic Technologies PLC\n28 February 2007\n\n\n\n 28 February 2007\n\n SYMPHONY PLASTIC TECHNOLOGIES PLC\n\n Update on placing\n\nIt was announced yesterday that all resolutions were passed at the extraordinary\ngeneral meeting of the Company ('the EGM') in connection with the placing\nannounced on 6 February 2007. The directors are now in a position to provide an\nupdate on the placing and can confirm that a revised total of £1,122,500 will be\nraised and 13,885,000 shares issued.\n\nFollowing the trading update announced on 22 February 2007, the company has been\nin contact with the placees in light of the material new information which was\ndisclosed. The board has decided that in order to secure the continued\nparticipation of the placees, it should revise the terms of the placing so that\nplacees received shares at an effective price of 8p a share, which is around the\ncurrent market price, rather than 10p per share as announced on 6 February 2007.\nTo achieve this placees have committed to subscribe for 1 share at 3p per\nshare for every 2.5 shares subscribed at 10p per share.\n\nOn 6 February 2007, it was also announced that three directors Michael Laurier,\nMatthew Turner and Ian Bristow had purchased 500,000, 50,000 and 50,000 shares\nrespectively in the placing. None of these directors have been given the\nopportunity of subscribing for additional shares at 3p and therefore the\npurchase price for their shares remains 10p per share.\n\nPlacees have reconfirmed their participation in respect of 10,085,000 shares at\n10p raising £1,008,500 and the board will issue and allot such shares to the\nplacees pursuant to the specific authority and power granted at the EGM. This\nincludes the 600,000 shares for directors mentioned above. The additional\nplacing of 3,800,000 shares at 3p per share will raise a further £114,000,\ngiving total proceeds of £1,122,500 and will be made pursuant to the general\nauthority and power to issue up to 4,188,200 shares otherwise than on a\npre-emptive basis which was given at the EGM. This level of proceeds will still\nenable the company to replace part of its overseas finance facilities and other\nloans and further invest in the enhancement of sales and marketing, R&D\nfacilities and technical support services.\n\nRelated Party\n\nIn the announcement dated 6 February 2007...