4th Apr 2008 07:01
Servoca PLC04 April 2008 Servoca Plc ("Servoca" or "the Company") 4 April 2008 Placing to raise £1.9m Servoca Plc, which provides specialist Outsourcing, Resourcing and Trainingsolutions to police forces, local and national government and companiesthroughout the private sector, healthcare and education, is pleased to announcea placing of 6,333,340 new ordinary shares of 10p each ("New Ordinary Shares").The New Ordinary Shares are being issued at 30 pence per share to raise £1.9million (before expenses). The Company will utilise the proceeds to provideadditional working capital to assist in Servoca's continued development. Included within the Placing, are 83,333 New Ordinary Shares which are beingplaced with Glenn Swaby, the Company's chief financial officer. Following thePlacing, Glenn Swaby will hold 83,333 ordinary shares in the Company,representing 0.2 per cent of Servoca's issued share capital. Application will be made to the London Stock Exchange for the New OrdinaryShares issued pursuant to the Placing to be admitted to trading on AIM. It isexpected that Admission will become effective and dealings in the New OrdinaryShares will commence on 9 April 2008. No application has been or is being madefor the New Ordinary Shares to be admitted to any other recognised investmentexchange. Servoca recently announced the acquisition of Academics Holdings Limited and itswholly-owned subsidiary, Academics Limited which supplies qualified teachers ona contract or permanent basis to clients in London and the Home Counties. In theaudited accounts for the year to 31 August 2007, Academics achieved a profitbefore tax of £910,000 on turnover of £9.04 million. Contacts: Servoca PlcDarren Browne 020 7747 3030 FinnCap, nominated adviser and brokerGeoff Nash 020 7600 1658 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Servoca