18th Jan 2006 15:14
Rotala PLC18 January 2006 Press Release 18 January 2006 Rotala plc ("Rotala" or "the Company") Placing of shares in the Company fulfilling the remaining substantive condition to settlement The Board of Rotala is pleased to announce the placing of 46,666,667 ordinaryshares in the Company. The shares, previously owned by Spritto Nominees Limited,a company wholly owned by Stuart Lawrenson, have now been placed with privateinvestors at a price of 1.35 pence per share. The net proceeds of the placingwill be transferred to Central Parking System of UK Limited ("CPS") inaccordance with the settlement agreement announced on 30 December 2005. WalkerCrips is acting as broker in relation to the placing. The completion of this placing marks the fulfilment of the remaining substantivecondition to settlement under the arrangements between the Company, the FlightsGroup of companies, Central Parking Corporation ("CPC"), its subsidiary, CPS andStuart Lawrenson. The board of the Company remains committed to creating an integrated, specialisttransport company from the platform provided by the Flights Group. As previouslystated in its announcement of 10 January 2006, the directors have determinedthat new equity funding should be raised, and are proposing to raise up to£1,500,000, with a minimum target of £600,000. The funding will be under the EISrelief scheme and the pricing will be determined in due course, but is expectedto be within the current market price. Further details of the proposedfundraising are expected to be announced shortly. Following the placing, the Company has received notifications in relation to thefollowing substantial shareholders in the Company: Placing @ 1.35p Holding in the Company following placing Wengen Pension Plan 15,000,000 shares 25,275,000 shares(JH Gunn & Mrs RS Gunn) Paul Heath 6,000,000 shares 10,800,000 shares LinkTraders 6,000,000 shares 12,000,000 shares Ludgate 181 6,631,042 shares 11,431,042 shares(Jersey) Ltd N Haynes Tst 3,750,000 shares 5,515,000 shares I Croft Tst 3,750,000 shares 5,975,000 shares John GunnChairman 18 January, 2006 Contacts: Stuart Parkinson, Walker Cripps 020 7553 9680Nick Fox, M: Communications 020 7153 1540/ 07711 727 618 Notes to Editors: The Company was admitted to trading on AIM on March 29th 2005, having beenincorporated on January 21st 2005 to invest in the parking and transportationsectors. In the transport sector, the Board anticipated that opportunities wouldarise in the provision of bus services, chauffeur-drive services, and integratedground transportation. In the Company's admission document dated March 11th 2005the Board stated its intention to complete the Company's first acquisitionwithin six months of Admission and in August 2005 it agreed the acquisition ofthe Flights Group of companies. The Flights Group comprises three companies: Flights Hallmark, Flights CorporateTransfers and FH Transport. Flights Hallmark is a mature coach and bus businessformed through the acquisition and amalgamation of a number of businesses. Itsmain activities include the provision of dedicated transport solutions for arange of corporate customers, the operation of various shuttle bus services anda substantial coach hire business. Flights Corporate Transfers operateschauffeur driven cars, particularly relating to transport to and from UKairports, for a range of airlines and airline-related customers. The thirdcompany, FH Transport, does not currently trade but holds certain contracts withcustomers relating to the business operated by the other members of the FlightsGroup. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ROL.L