21st Jan 2009 14:54
This announcement replaces the announcement made earlier today at 12.54 pm under number 91253-DE3D. This is due to an administrative error which resulted in the omission of the final paragraph of the announcement. The relevant paragraph has now been included.
21 January 2009 iPoint-media plc ("iPoint" or the "Company") Issue of equity to raise £380,000
The Company announces that it has raised £380,000, before expenses, through the issue of 7,600,000 ordinary shares ("Ordinary Shares") in the capital of iPoint at a price of 5p per share ("Subscription"), to its largest shareholder, Nisko Investments Ltd. (previously Nisko Projects Electronics & Communications (1990) Ltd.) ("Nisko") and other investors.
Nisko has subscribed for 4,375,000 Ordinary Shares pursuant to the Subscription, resulting in it being interested in a total of 43,346,983 Ordinary Shares, representing 35.61 per cent. of the enlarged issued share capital of the Company following the Subscription.
The net proceeds of the Subscription will be used by the Company for general working capital purposes.
In addition, the Company has also issued 608,000 Ordinary Shares to an adviser in satisfaction of fees due to it by the Company. As a result, an application has been made for a total of 8,208,000 Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 27 January 2009. Following admission of the 8,208,000 new Ordinary Shares, the Company will have a total of 121,723,645 Ordinary Shares in issue.
Given the size of Nisko's existing shareholding in the Company and the size of its investment pursuant to the Subscription, its participation in the Subscription is deemed to be a related party transaction under the AIM Rules. The directors of the Company, other than Efi Sagi, who is a director of Nisko, (the "Independent Directors") having consulted with John East & Partners Limited, consider the terms of the transactions to be fair and reasonable insofar as the shareholders of the Company are concerned. In advising the Independent Directors, John East & Partners Limited has relied upon their commercial assessment.
For Further Information:iPoint-media plc +(0) 972 544 450 667 Muki Geller John East & Partners Limited +44 (0) 207 628 2200
David Worlidge/Bidhi Bhoma
vendorRelated Shares:
EVRH.L