Business
Issue of Equity, Director App
Issue of Equity, Director App.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n RNS Number : 6893E Bright Things plc 30 September 2008 \n \n\nBright Things plc\n30 September 2008\n\nBright Things plc\n('Bright Things' or the 'Company')\n\nPlacing, Notice of Annual General Meeting and Director Appointment\n\nThe Directors of the Company are pleased to announce that the Company has raised £734,500 (before expenses) through the conditional placing of 58,760,000 new Ordinary Shares at 1.25 pence per share (the 'Placing'). \n\nThe Company has today sent a circular to shareholders together with the Report and Accounts for the year ended 31 March 2008 convening the Annual General Meeting at which certain authorities, inter alia, are being sought to for the purposes of Placing, to permit the grant of the Options and otherwise so as to maintain flexibility in the financing of the Company, giving the Directors the opportunity to take advantage of business opportunities as they arise. \n\nIn addition, the Company is pleased to announce the appointment of Charles Delamain to the board as Chief Operating Officer. Further, at the Annual General Meeting Matthew Tims will step down as Publishing Director but remain on the board as a non-executive Director. \n \n1. Details of the Placing\n \nThe Company has conditionally raised £734,500 (before expenses) by the issue of the 58,760,000 new Ordinary Shares at 1.25p. For every two Placing shares there will be one warrant attached entitling the holder to subscribe for one Ordinary Share, exercisable at 5 pence per share at any time during the three year period following the date of admission of the Placing Shares to trading on AIM ('Admission').\n\nThe purpose of the funds raised is to provide additional working capital for the Company as it moves from the development stage of its SocialGo product into a phase of sales and marketing. \n\nThe Placing Shares will, when issued and fully paid, rank pari passu in all respects with the new Ordinary Shares in issue. Application will be made for the Placing Shares to be admitted to AIM and are expected to be admitted to trading on AIM on 24 October 2008.\n\nFollowing the Placing there will ...