Of the New Shares, 50,800,000 shares were placed firm with institutional and other investors (the 'Placed Shares') by Oriel Securities Limited ('Oriel') and Davy Corporate Finance Limited ('Davy').
The Company announces today that valid acceptances have been received under the Open Offer in respect of 6,138,359 of the New Shares, which combined with the Firm Placed Shares represents 56,938,359 of the New Shares (representing a total of 75.1 per cent of those available under the Placing and Open Offer). In addition, a further 50,000 of the balance of the New Shares will be subscribed by further placees procured by Oriel and Davy.
Accordingly, the Company will issue a total of 56,988,359 New Shares and has, subject to Admission expected on the June 28, 2005, raised approximately £5.0 million (€ 7.4 million) pursuant to the Placing and Open Offer. Following admission the total number of Ordinary Shares in issue is expected to be 156,882,094.
Most Popular Articles