Business
Acquisition and Notice of GM
Acquisition and Notice of GM.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n Bright Things plc\n30 November 2007\n\n\n\n\nBright Things plc\n29 November 2007\n\n \n Bright Things plc\n ('Bright Things' or the 'Company')\n\n Acquisition, Placing and Notice of General Meeting\n\nThe Directors of the Company are pleased to announce the that the Company has\ntoday entered into an acquisition agreement relating to the proposed acquisition\nof the entire issued share capital of Commonworld Ltd (the 'Acquisition' or\n'Commonworld') and that it has raised £955,000 (before expenses) through the\nconditional placing of 23,875,000 new Ordinary Shares at 4 pence per share (the\n'Placing').\n\nAs announced in the results for the period ending 31 March 2007 and subsequently\nin the interims, the Board has been reviewing a number of new initiatives and\nopportunities with a view to growing the business and, in doing so, create value\nfor Shareholders. Work continues on the Company's current business and the Tiger\nWoods PGA Tour 07 game has been launched on schedule with over 30,000 units\nordered. In addition, the Company continues to explore new opportunities for the\nASIC chip. Notwithstanding the Board's belief in the potential of the current\nbusiness, it now believes that in order to grow the Company a new product\ninitiative is required to complement and add to the existing products.\n\nTo proceed with the Acquisition and Placing the Company needs to effect a\ncapital reorganisation, involving the sub-division of each of the Ordinary\nShares into one new Ordinary Share and one Deferred Share.\n\nThe Company will today send a circular to shareholders to convene a General\nMeeting for the purpose of passing the certain resolutions to permit the\nAcquisition and Placing to proceed and to effect the Capital Reorganisation.\n \n1. Description of the Business of Commonworld\n\nCommonworld was established in November 2006 in order to develop a social\nnetworking platform to allow the creation of web based communities. The first\nsuch product, 'Social Network Maker', is under development and designed to\nprovide a secure, dedicated social network for groups and organisations.\n\nWhilst 'Social Network Maker' will be akin to social network sites on the\nInternet such as Facebook, MySpace or Bebo it is distinct by virtue of it\nenabling organisations and groups to create and maintain closed user social\nnetworks. Upon...