23rd Apr 2008 07:00
Qonnectis plc23 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 monitoringservice provider for utilities and users of energy and water, is pleased toannounce that the Company has placed, subject to certain conditions, 125,000,000new ordinary shares ("Ordinary Shares") of 1p each (the "Placing Shares") at aprice of 1p per share (the "Placing") with certain institutional and otherinvestors. The Placing, which was arranged by FinnCap, will raise gross proceeds of£1,250,000 to provide capital for expansion and working capital for theQonnectis business. Application will be made to the London Stock Exchange forthe new Ordinary Shares, which will rank pari passu with the existing issuedOrdinary Shares, to be admitted to trading on AIM and it is expected that75,000,000 of the Placing Shares will be admitted on 28 April 2008 ("FirstAdmission") and that the balance of 50,000,000 Placing Shares will be admittedon 6 May 2008. The Board of the Company has also granted FinnCap an option to subscribe for onan aggregate of 7,372,160 new ordinary shares at 1p per ordinary share(representing approximately 2% of the Company's enlarged issued ordinary sharecapital immediately following the Placing but before the issue of the SecurityChange Shares as defined below). The option may be exercised (in whole or inpart) at any time from the first anniversary of First Admission and the fifthanniversary thereof. The Board also announces that, following discussions between the Company andSecurity Change Limited ("Security Change"), the Company intends to issue afurther 25,000,000 new Ordinary Shares (the "Security Change Shares) to or atthe direction of Security Change by way of capitalisation of amounts whichSecurity Change claim are due to it under the convertible loan issued by theCompany to Security Change. Upon receipt of signed documents, the issue of theSecurity Change Shares will constitute final settlement of the Company'sobligations under the convertible loan. Application will then be made to theLondon Stock Exchange for the Security Change Shares, which will rank pari passuwith 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, thetotal number of Ordinary Shares in issue will be 393,608,023. For further information, please contact: Qonnectis plcMichael Tapia, Chief Executive 01932 788 299 HB CorporateEdward Hutton 020 7510 8600 Bankside ConsultantsMichael Padley / Louise Davis 020 7367 8888 Editors' note - About Qonnectis Qonnectis' patented technologies enable the analysis of remote meter data tofacilitate water leakage control, customer profiling, and energy and watermanagement efficiency. Its products are already being used by a wide range of UKand overseas utilities as well as large commercial and domestic users of energyor water. Leakfrog, developed with Thames Water, is a product which provides leakagedetection and monitoring aimed at volume installations in homes. The iStaqfamily of products work by sending meter readings to Qonnectis' secure datacentre via SMS text messaging over the GSM network. The data is then aggregatedand published online via utility-branded 'myMeter' websites operated byQonnectis. 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 ExchangeRelated Shares:
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