Business
?400,000 Placing
?400,000 Placing.
About this update from Water Intelligence Plc
[{"type":"text","content":"\n \nRNS Number : 2398U Water Intelligence PLC 29 November 2013 \n \n\n29 November 2013\n \n \nWater Intelligence plc\n \n(\"Water Intelligence\" or the \"Company\")\n \n£400,000 Placing\n \n \nThe Board of Water Intelligence is pleased to announce that the Company has conditionally raised £400,000 (gross) through a placing of 930,233 new ordinary shares of £0.01 each (\"Ordinary Shares\" and the \"Placing Shares\") with institutional shareholders, through its broker, WH Ireland Limited, at a price of 43 pence per Ordinary Share (the \"Placing\"). \n \nThe net proceeds of the Placing are intended to be used to provide the Company with additional capital to finance continued growth, whilst the Placing will also broaden the institutional shareholder base of the Company. \n \nDetails of the Placing \n \nApplication has been made for the Placing Shares, which will rank pari passu in all respects with the existing Ordinary Shares of the Company, to be admitted to trading on AIM (\"Admission\"). Admission is expected to be effective from 8.00 am on 4 December 2013. \n \nThe Placing is conditional, inter alia, upon Admission becoming effective and the placing agreement entered into between the Company and WH Ireland Limited becoming unconditional in all respects by no later than 8:00 a.m. on 4 December 2013 or such later date, being not later than 8:00 a.m. on 20 December 2013, as the Company and WH Ireland Limited may agree. \n \nCommenting on the Placing, Patrick DeSouza, Executive Chairman of Water Intelligence, said: \n\"We are all pleased with the progress that Water Intelligence has made over the last couple of years, especially with the consistent top and bottom-line growth of our American Leak Detection franchise business. We are driving towards continued success in building a global brand and believe that this limited issuance coupled with our positive organic results is the right step forward. Demand for our non-invasive, leak detection and remediation solutions is growing steadily. In meeting such demand, we are pleased to also broaden our shareholder support to include additional institutional investors, and we would expect our institutional support to grow further as we deliver results.\"\n \n \n \nTotal Voting Rights \n \nFollowing completion...