GBP 1.25m Placing
April 23 2008 - 2:01AM
UK Regulatory
RNS Number:9005S
Qonnectis plc
23 April 2008
23 April 2008
Qonnectis plc
(AIM: QTI)
Placing, issue of options and further issue of shares
The Board of Qonnectis plc ("Qonnectis" or "the Company"), the data monitoring
service provider for utilities and users of energy and water, is pleased to
announce that the Company has placed, subject to certain conditions, 125,000,000
new ordinary shares ("Ordinary Shares") of 1p each (the "Placing Shares") at a
price of 1p per share (the "Placing") with certain institutional and other
investors.
The Placing, which was arranged by FinnCap, will raise gross proceeds of
�1,250,000 to provide capital for expansion and working capital for the
Qonnectis business. Application will be made to the London Stock Exchange for
the new Ordinary Shares, which will rank pari passu with the existing issued
Ordinary Shares, to be admitted to trading on AIM and it is expected that
75,000,000 of the Placing Shares will be admitted on 28 April 2008 ("First
Admission") and that the balance of 50,000,000 Placing Shares will be admitted
on 6 May 2008.
The Board of the Company has also granted FinnCap an option to subscribe for on
an aggregate of 7,372,160 new ordinary shares at 1p per ordinary share
(representing approximately 2% of the Company's enlarged issued ordinary share
capital immediately following the Placing but before the issue of the Security
Change Shares as defined below). The option may be exercised (in whole or in
part) at any time from the first anniversary of First Admission and the fifth
anniversary thereof.
The Board also announces that, following discussions between the Company and
Security Change Limited ("Security Change"), the Company intends to issue a
further 25,000,000 new Ordinary Shares (the "Security Change Shares) to or at
the direction of Security Change by way of capitalisation of amounts which
Security Change claim are due to it under the convertible loan issued by the
Company to Security Change. Upon receipt of signed documents, the issue of the
Security Change Shares will constitute final settlement of the Company's
obligations under the convertible loan. Application will then be made to the
London Stock Exchange for the Security Change Shares, which will rank pari passu
with the existing Ordinary Shares in issue, to be admitted to trading on AIM.
Following the issue of the Placing Shares and the Security Change Shares, the
total number of Ordinary Shares in issue will be 393,608,023.
For further information, please contact:
Qonnectis plc
Michael Tapia, Chief Executive 01932 788 299
HB Corporate
Edward Hutton 020 7510 8600
Bankside Consultants
Michael Padley / Louise Davis 020 7367 8888
Editors' note - About Qonnectis
Qonnectis' patented technologies enable the analysis of remote meter data to
facilitate water leakage control, customer profiling, and energy and water
management efficiency. Its products are already being used by a wide range of UK
and overseas utilities as well as large commercial and domestic users of energy
or water.
Leakfrog, developed with Thames Water, is a product which provides leakage
detection and monitoring aimed at volume installations in homes. The iStaq
family of products work by sending meter readings to Qonnectis' secure data
centre via SMS text messaging over the GSM network. The data is then aggregated
and published online via utility-branded 'myMeter' websites operated by
Qonnectis. The data can also be sent directly to utilities' billings systems.
Customers can access real-time information via a web browser using the 'myMeter'
service.
For more information, please visit www.qonnectis.com.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCITMLTMMTTBRP
Qonnectis (LSE:QTI)
Historical Stock Chart
From Jun 2024 to Jul 2024
Qonnectis (LSE:QTI)
Historical Stock Chart
From Jul 2023 to Jul 2024
Real-Time news about Qonnectis (London Stock Exchange): 0 recent articles
More Qonnectis Plc News Articles