Business
Placing and Change of Name
Placing and Change of Name.
About this update from Tavistock Investments Plc
[{"type":"text","content":"\n RNS Number : 9501M Bright Things plc 02 June 2010 \n \n\nBright Things Plc\n \nPlacing\nChange of Name\n \nThe Board of Directors of Bright Things Plc (\"Bright Things\" or \"Company\") is pleased to announce that the Company has conditionally raised £500,000 before expenses by way of an issue of 40,000,000 new ordinary shares of 1 penny each (\"Ordinary Shares\") at a price of 1.25 pence per share (\"the Placing\"). Each participant in the placing will also receive one warrant to subscribe for a new Ordinary Share at a price of 1.5 pence per share at any time until 16 June 2016 for every 4 ordinary shares subscribed for in the Placing.\n \nThe Placing has been subscribed for by certain existing shareholders and directors and the net proceeds will be used to provide additional working capital for the Company to fund, (i) the continuing development of its internet based social networking software, SocialGO, (ii) an increase in marketing initiatives related to the SocialGO software service, and (iii) the expansion of its management and software development teams. \n \nAs a result of the Placing, the interests of the directors participating in the Placing by the Company will be as follows:\n \n\n\n\n\nDirector\n\n\nOrdinary Shares\n\n\nPercentage of issued ordinary share capital\n\n\n\n\nDominic Wheatley\n\n\n71,805,102\n\n\n19.8%\n\n\n\n\nIan Livingstone\n\n\n12,905,556\n\n\n3.6%\n\n\n\n\nVikrant Bhargava*\n\n\n61,448,000\n\n\n16.9%\n\n\n\n\nAlex Halliday\n\n\n16,992,432\n\n\n4.7%\n\n\n\n\nStephen Hardman\n\n\n15,801,202\n\n\n4.4%\n\n\n\n\n*Vikrant Bhargava holds his interest through Bentworth Holdings Ltd, trading as Veddis Ventures, a company in which he holds an indirect beneficial interest.\n \nThe Placing is conditional upon shareholder approval and a circular has been posted to shareholders convening a general meeting of the Company on 16 June 2010 to consider and if thought fit pass the appropriate resolutions. It is anticipated that the Ordinary Shares the subject of the Placing will, subject to shareholder approval, be admitted to trading on AIM with effect from 17 June 2010.\n \nIn addition to the Placing, the Company has also entered into an agreement with Bentworth Holdings Limited, which trades as Veddis Ventures, a company in which Vikrant Bhargava holds a...