11th May 2006 11:56
SerVision plc11 May 2006 For immediate release Stock Exchange announcement 11th May 2006 SerVision PLC ("SerVision" or "the Company") Capital raising and Related Party Transaction The Board of SerVision is pleased to announce that the Company has raised circaUS$1.537 million, net of expenses, by the placement for cash of 3,895,647 NewOrdinary Shares of 1p each at a price of 21.37p each. The funds will be appliedto the general working capital needs of the Company. Of the 3,895,647 New Ordinary Shares issued, 2,624,056 were placed on theCompany's behalf with clients of Charles Street Securities and 1,271,591 weresubscribed directly by Mr. Gidon Tahan, the Company's Chief Executive Officer,and his related parties. Of the 1,271,591 shares subscribed for by Mr. Tahan and his related parties,635,795 shares were subscribed for personally by Mr. Tahan and 127,159 shareswere subscribed for by Mr. Chaim Levy, a non-executive director of the Company. As a result of these transactions, Mr. Tahan's holding in the Company willincrease to 6,977,057 Ordinary Shares, but his percentage shareholding in theCompany will fall from 35.28% to 31.91%. In relation to Rule 13. of the AIM Rules covering "Related party transactions",the Directors of SerVision, other than Messrs Tahan and Levy, having consultedwith Nabarro Wells & Co. Limited, the Company's Nominated Adviser for AIM,consider that the terms of the transaction are fair and reasonable insofar asthe Company's shareholders are concerned. The 3,895,647 New Ordinary Shares have been issued and allotted and applicationmade to AIM for their admission to listing. -End- Press enquiries: Eitan Yanuv - Finance Director, Servision PLC +972 2 535 0015David Nabarro - Nabarro Wells & Co. Limited +44 20 7710 7400 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Servision PLC