6th Oct 2010 07:00
6 October 2010
MediLink-Global UK Limited
("MediLink" or the "Company")
Placing to raise £1.327 million (before expenses)
MediLink, the electronic healthcard network service provider, is pleased to announce that it has conditionally raised GBP 1,327,000 (before expenses) through the placing of 13,270,000 new ordinary shares of 5 pence each in the Company (the "Placing Shares") at a price of 10 pence per share (the "Placing Price") (together the "Placing"). The Placing Price is at a premium of 33.3 per cent. to the closing mid-market price of 7.5 pence per share on 5 October 2010, being the last business day prior to the date of this announcement. The net proceeds of the Placing will be used for general working capital purposes and to develop MediLink's Chinese operations.
The Placing Shares will rank in full for all dividends or other distributions hereafter declared, made or paid on the ordinary share capital of the Company and will rank pari passu in all other respects with all other ordinary shares in issue. The Placing Shares will represent approximately 11.2% of the enlarged issued share capital of the Company.
The Placing has been carried out within the Company's current share authorities and application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM ("Admission"). It is expected that Admission will take place on or around 11 October 2010. On Admission there will be 118,920,280 ordinary shares of 5 pence each in the Company in issue. The Placing remains conditional only on Admission.
As part of the Placing, Asdion Digital Advance System Sdn Bhd ("ADAS"), which is a company owned by Asdion Berhad ("Asdion"), has subscribed for 1,000,000 Placing Shares at the Placing Price. Following Admission, ADAS will be interested in 32,464,000 ordinary shares in the Company representing 27.3 per cent. of the enlarged issued share capital of the Company. Mr Yap Tai Tee, Executive Director of MediLink, will be indirectly interested in the 32,464,000 ordinary shares held by ADAS on Admission. Mr Yap Tai Tee is Chief Executive of, and a substantial shareholder in, Asdion.
In consideration of services provided to the Company in relation to the Placing, Sa Ren, an existing shareholder in the Company, has been issued with warrants to subscribe for 5,000,000 new ordinary shares in the Company (the "Warrants"). The Warrants will have an exercise price of 10 pence and will be exercisable at any time between 11 October 2011 and 11 October 2013. The warrants will not be traded on any exchange.
Shia Kok Fat, Chief Executive Officer of MediLink, commented, "I am delighted with the support that we have received in this equity fundraising from both existing shareholders and new investors which will enable us to accelerate the development of our Chinese operations where we are now contracted to serve 11 prominent insurance companies. We are pleased also to have been able to, given current market conditions, execute the Placing at a premium to the prevailing share price."
For further information please contact:
MediLink-Global UK Limited Shia Kok Fat, Chief Executive Officer www.medilink-global.com |
Tel: + 603 2296 3028 |
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Allenby Capital Limited (nominated adviser and broker) Nick Athanas/James Reeve |
Tel: +44 (0)20 3328 5656 |
Related Shares:
MEDI.L