Business
Placing & Non-Executive Direc
Placing & Non-Executive Direc.
About this update from Time Finance Plc
[{"type":"text","content":"\n RNS Number : 9503Z Timestrip PLC 28 July 2008 \n \n\n\nTIME.L\n\n\nTimestrip Plc (the 'Company')\n\nPlacing by the Company and Appointment of Non-Executive Director\n\nThe Company is pleased to announce that it has raised £562,500 through a Placing by the Company of 25,000,000 new ordinary shares of 0.02 pence each (the 'Placing Shares') at a price of 2.25 pence per share (the 'Placing Price') with Graham Platts, a private investor based in Monaco. The Placing Price represents a premium of 20% to the closing mid market price on 25th July 2008. The Placing Shares will represent approximately 6.2% per cent of the enlarged issued share capital of the Company following the Placing.\n\nThe Placing is conditional upon admission of the Placing Shares to trading on AIM. No commissions or fees were paid in relation to the Placing.\n\nThe Company has also entered into an unconditional put option agreement, exercisable at the Company's sole discretion at any time between 1 January 2009 and 1 January 2011, to raise a further £437,500 through an additional placing of shares with Graham Platts. The price of any new shares issued pursuant to this agreement will be based on the average offer price over the 20 business days preceding the date of exercise. There are no commissions or fees associated with either the agreement or the placing of new shares pursuant to this agreement.\n\nGraham Platts has agreed not to sell any shares until such time as either the put option is exercised by the Company or it expires.\n\nApplication will be made for the Placing Shares to be admitted to trading on AIM and dealings are expected to commence on 15th August 2008.\n\nAfter the Placing the total enlarged issued share capital of the Company will be 403,078,739. Therefore, following the Placing, the total number of voting rights in the Company is 403,078,739\n \nThe above figures may be used by shareholders in determining whether they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules. \n\nUse of proceeds\n\nThe proceeds of the Placing, and the option to place a further £437,500 of ordinary shares in the future, significantly strengthens the Company's balance sheet at a time when it is looking to build long-term relationships and grow revenues with bot...