8th Mar 2010 14:01
8 March 2010
OPSEC SECURITY GROUP PLC
Investment by Investcorp Technology Partners
OpSec Security Group plc ("OpSec", the "Company" or the "Group"), the supplier of anti-counterfeiting technologies and services, is pleased to announce the successful completion of the investment by Investcorp Technology Partners ("Investcorp"), announced on 1 February 2010, raising a total of £15.7m (before expenses).
The investment by Investcorp, through Orca Holdings Limited, a company established for this purpose, includes:
·; the placing with Investcorp of 20 million new preferred shares at 35 pence per share to raise £7.0 million before expenses; and
·; a new US$ 13.0 million debt facility with Investcorp.
This is in addition to the 2,668,850 ordinary shares of 5 pence each ("Shares") placed with Investcorp at 24 pence per Share on 1 February 2010, raising approximately £640,000 before expenses.
The investment by Investcorp provides the Company with £15.7m of new funds (£14.2m net of expenses) which will enable OpSec to repay its existing facilities with The Royal Bank of Scotland, improve its balance sheet position and cash flow and allow acquisitions and other investments to be considered.
In addition, Hazem Ben-Gacem and Anand Radhakrishnan, senior executives of Investcorp Technology Partners, join the OpSec board with immediate effect.
Following the details announced on 1 February 2010, no further disclosure is required under paragraph (g) of schedule 2 or Rule 17 of the AIM Rules for Companies.
David Mahony, Chairman of OpSec, said:
"We are very pleased successfully to have completed the investment by Investcorp and welcome Hazem and Anand to the Board. The involvement of Investcorp will be of considerable benefit to the Group's future.
"There are, we believe, opportunities to make selective acquisitions and other investments on attractive terms that would enhance shareholder value. The funds raised will enable us to take advantage of these opportunities as they arise.
"This transaction is an important one for the Group and reinforces our optimism as to the future."
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For further information, please contact:
OpSec Security Group plc Mark Turnage, Chief Executive / Mike Angus, Finance Director |
+1 720 394 2803 |
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Weber Shandwick Financial Nick Oborne / Stephanie Badjonat |
020 7067 0700 |
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Oriel Securities Limited Michael Shaw / Neil Langford |
020 7710 7600 |
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Investcorp Technology Partners Deborah Botwood Smith |
020 7629 6600 |
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Related Shares:
OSG.L