Business
First Day's Dealings on AIM
First Day's Dealings on AIM.
About this update from Velocity Composites Plc
[{"type":"text","content":"\n Velti PLC\n03 May 2006\n\n\n\nFOR IMMEDIATE RELEASE WEDNESDAY, 3 May 2006\n\n\n\n VELTI PLC\n\n\n - FIRST GREEK BASED TECHNOLOGY COMPANY ADMITTED TO AIM\n\n\nATHENS - Velti plc ('Velti'), a provider of software platforms, applications and\nservices for mobile network operators, media and retailer brands in Greece and\nthe Balkan region, announces the start today of dealings in its ordinary shares\non AIM under the ticker symbol 'VEL'.\n\nThe company has raised £10 million before expenses, via a placing, to fund\nexpansion.\n\nDetails of the placing\n\nPlacing price 100 pence\n\nTotal number of new ordinary shares placed on behalf of the\nCompany 10,000,000\n\nTotal number of ordinary shares placed on behalf of selling\nshareholders 350,000\n\nNumber of ordinary shares in issue following the placing 29,091,335\n\nPercentage of enlarged issued share capital subject to the 34.4 per cent\nplacing\n\nGross proceeds of the placing to be received by the Company £10 million\n\nEstimated net proceeds of the placing receivable by the £8.5 million\nCompany\n\nMarket capitalisation of the Company at the placing price £29.1 million\n\n\nOriel Securities is the nominated adviser and broker to the company.\n\nAlexandros Moukas, Chief Executive Officer of Velti, commented:\n\n'We are delighted with the strong support Velti has received from investors in\nthe UK and Greece. Based on its strengths and position, we have the opportunity\nto become a leading provider of content platforms, applications and services to\nthe mobile telecommunications and e-business markets in Greece and the Balkan\nregion. Following the successful placing, we now have the funds to implement our\nstrategy to achieve sustained, growth in revenue, profit and cash flow.'\n\nENDS\n\n\n\n\n\nCONTACTS\n\nVelti:\nOriel Securities 020-7100-7600\nAndrew Edwards\n\nBankside: 020-7367-8888\nSimon Bloomfield or Steve Liebmann\n\n\n\nNOTES\n\nBackground on Velti\n\nHeadquartered in Athens and founded in 2000, with initial financing provided by\na group of individual investors from Europe and the USA, Velti operates as a\nprovider of:\n\n • software platforms and managed services to the telecommunications sector\n enabling Value Added Services (clients include Vodafone (Greece) and OTE\n Group)\n\n\n • mobile application services to media, retail brands (including\n promot...