Business
First Day of Dealings on AIM
First Day of Dealings on AIM.
About this update from Vianet Group Plc
[{"type":"text","content":"\n Brulines (Holdings) PLC\n26 October 2006\n\n\n\n\nPress Release 26 October 2006\n\n\n Brulines (Holdings) plc\n\n ('Brulines' or 'the Company')\n\n First day of dealings on AIM\n\n\n\nBrulines (Holdings) plc ('Brulines' or the 'Company'), the leading provider of\nvolume and revenue protection systems for draught alcoholic drinks in the UK\nLicensed on-trade, particularly the tenanted pub sector, today announces\ncommencement of dealings of its Ordinary Shares on AIM, a market operated by the\nLondon Stock Exchange plc. RSM Robson Rhodes Corporate Finance is the Nominated\nAdviser and Cenkos Securities is Broker to the Company.\n\n\n\nThe stock market EPIC is BRU.L\n\nPlacing Statistics\nPlacing Price 123 pence\nNumber of Placing Shares 6,504,065\nNumber of Sale Shares 9,402,533\nNumber of Ordinary Shares in issue immediately following Admission 23,999,125\n\n\nMarket capitalisation at the Placing Price £29.5 million\nPercentage of issued share capital immediately following Admission subject to the Placing 66.3%\n\n\nEstimated net proceeds of the Placing receivable by the Company £7.0 million\n\n\n\nReasons for Admission to AIM and use of proceeds of the Placing\n\nThe Directors believe that Admission to AIM will assist the Company in achieving\nits growth aspirations. The net proceeds from the Placing are estimated to\namount to approximately £7.0 million and will be used as follows:\n\n\n • £4.1 million to enable the Company to repay founder Derrick Collin's loan note which was issued\n by the Company to finance part of the consideration payable for the acquisition of Brulines; and\n • £2.9 million to repay bank debt and to provide working capital for the Company and its\n subsidiaries (together the 'Group') for future growth.\n\n\n\nThe Directors believe that Admission will:\n\n • strengthen the Company's balance sheet;\n\n • raise the profile of the Group;\n\n • enable the Group to recruit, retain and incentivise staff; and\n\n • better position the Company to take advantage of both organic and acquisition opportunities for\n growth as they arise.\n\n\n\nCommenting on the decision to float, James Dickson, Chief Executive of Brulines\n(Holdings) plc, said: 'I am delighted that the Brulines IPO has been completed\nso successfully and with strong institutional demand resulting in a total\nfundraising of £19....