Traction Technology PLC
13 August 2007
For Immediate Release 13 August 2007
Traction Technology PLC
('Traction' or the 'Company')
Placing and Directors' dealings
The Company is pleased to announce that it has raised a total of £245,000 by
means of a placing of 875,000 new Ordinary Shares of 3p each at a price of 28p
per share. Application will be made for the 875,000 new Ordinary Shares issued
today to be admitted to trading on AIM which will rank pari passu with the
existing Ordinary Shares.
Certain Directors of the Company, being Bob Dover, Nick Brayshaw and Gerry
Defries have subscribed for 71,428, 71,428 and 17,857 Ordinary Shares
respectively as part of this placing.
As a result of this: Bob Dover now has an interest in 3,211,420 Ordinary Shares
representing 9.4% of the Company's issued share capital; Nick Brayshaw now has
an interest in 3,737,173 Ordinary Shares representing 10.9% of the Company's
issued share capital; and Gerry Defries now has an interest in 367,524 Ordinary
Shares representing 1.1% of the Company's issued share capital.
The funds raised through the placing will be used to further accelerate
development of the tribrid engines as well as for general working capital
purposes.
ENDS
For further information, please contact:
Traction Technology PLC
Nicholas Brayshaw, Chairman
Tel +44 (0) 1403 791392
Beaumont Cornish Limited
Roland Cornish
Tel +44 (0) 20 7628 3396
Ambrian Partners Limited
Tel +44 (0) 20 7776 6400
Richard Brown
Shaun Whyte
Parkgreen Communications
Tel +44 (0) 20 7851 7480
Lucy Lake
This information is provided by RNS
The company news service from the London Stock Exchange