Netcentric Systems PLC
20 October 2006
20 October 2006
Netcentric Systems Plc
('Netcentric Systems' or 'the Company')
Placing of New Ordinary Shares and Update Regarding Reverse Acquisition
Netcentric Systems today announces that pursuant to the proposed placing
announced on 5 May 2006 (the 'Placing'), the Company has raised US$532,000
(approximately £285,000) before expenses through the issue of 26,600,000 new
ordinary shares of 0.5p each in the Company (the 'Placing Shares'). The Placing
has been completed at a price of US$0.02 (approximately 1.07p) per Placing
Share and the proceeds of the Placing are being applied towards costs incurred
in relation to a potential reverse takeover.
The Placing was taken up by new investors, thereby strengthening the shareholder
base. Application will be made to the London Stock Exchange for the Placing
Shares to be admitted to trading on AIM if and when trading in the Company's
securities is restored.
On 30 June 2006, the Company announced that it had entered into non-binding
heads of terms with a third party which may lead to a transaction constituting a
reverse takeover under the AIM Rules. These negotiations are ongoing and the
Board expects that the reverse takeover will be completed before the end of the
year.
Enquiries:
Simon Raggett
Strand Partners Limited
Tel: (020) 7409 3494
Simon Rothschild/Louise Mason
Bankside Consultants
Tel: (020) 7367 8888
This information is provided by RNS
The company news service from the London Stock Exchange