29th Mar 2006 07:03
32Red Plc29 March 2006 32Red Plc ("32Red" or "the Company") 32Red raises £5.3m in Placing at 140p per share 32Red Plc, the UK facing online casino and poker operator, is pleased toannounce that it has raised approximately £5.3m (before expenses) in a placing(the "Placing"), primarily with new institutional investors, arranged by NumisSecurities Limited ("Numis"). The Placing involves the issue of 3,766,500 new ordinary shares in the Companyat a price of 140p per share. The Placing shares are equivalent to approximately8 per cent. of the Company's existing ordinary share capital, and when issued,will represent approximately 7.4 per cent. of the Company's enlarged issuedshare capital. The Placing will widen the Company's shareholder base and increase liquidity.Proceeds will be used for the expansion of the Company's marketing programme. Inaddition, the Company continues to look at acquisition opportunities within theonline gaming industry. Commenting on the announcement, Ed Ware, 32Red's Chief Executive Officer, said: "It has been our intention since Admission to AIM last September to widen theshareholder base and raise capital to invest in 32Red's future growth. "We are delighted to have raised these funds, which will enable us to step upour focused marketing programme and enhance 32Red's profile and brandrecognition. The additional capital will also give us increased resources topursue strategic acquisitions that we feel would be complementary to 32Red'sexisting offering." 29 March 2006 Enquiries: 32Red Plc Tel: 00 35 049 396Ed Ware, CEOSimon Dimmer, Finance Director Numis Securities Limited Tel: 020 7776 1500Chris WilkinsonAndrew Dawber College Hill Associates Tel: 020 7457 2020Tom Baldock 32Red Plc is an award winning UK-focused online gaming business predominantlycomprising two distinct activities: casino and poker. The Company offerscustomers over 200 online casino games (including roulette, blackjack and slotmachines), played against the house. The Company also operates a multiplayeronline poker room. 83% of the Company's customers are based in the UK andIreland. Under the Placing the Company has raised £5.3m before expenses (andapproximately £5.0m after expenses). The Placing has been arranged andunderwritten by Numis and is conditional on the placing agreement between 32Redand Numis becoming unconditional and not being terminated prior to 3 April 2006,the expected date of admission of the new shares, or such later date (not beinglater than 11 April 2006) as 32Red and Numis may agree. The new shares will rankpari passu in all respects with the existing ordinary shares of 0.2p each inissue. It is expected that dealings in the new shares will commence on AIM on 3April 2006. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TTR.L