1st Nov 2006 07:01
Byotrol PLC01 November 2006 BYOTROL PLC Placing to raise £5 million to accelerate growth The Board of Byotrol plc (the "Company") is pleased to announce that CharlesStanley Securities has, on behalf of the Company, completed a placing (the"Placing") of 8.34 million new Ordinary Shares of 0.25p each (the "PlacingShares") at 60 pence per share to raise approximately £4.6 million, net ofexpenses. The funds will be used by the Directors to address an increasing number ofopportunities that have been recently identified in the Company's target marketsof Healthcare, Food Processing and Industrial & Technical. The Company recently obtained CE Marking status approving Byotrol for sale inmedical and disinfectant products in Europe and approval from the US EnvironmentProtection Agency for Byotrol to be used as a disinfectant, sanitiser and anti-microbial product in a broad number of market sectors. As a result the Companyhas been approached by several major multinationals interested in gaining accessto the Company's technology and the Company is currently engaged in discussionswith a number of these companies regarding the sale and/or licensing of Byotrol.It is expected that the placing proceeds will assist the progress of suchdiscussions. The Placing Shares will, when issued and fully paid, rank pari passu in allrespects with the existing issued ordinary shares of the Company. The Placing is not a rights issue or open offer and the Placing Shares will notbe offered generally to Shareholders, whether on a pre-emptive basis orotherwise. The Directors believe that the considerable extra cost and delayinvolved in a rights issue or open offer would not be in the best interests ofthe Company in the circumstances. Richard Bell, a consultant to the Company, has acquired 10,000 Placing Shares,pursuant to the Placing, and accordingly now owns 10,000 Ordinary Shares in theCompany. Application has been made for the Placing Shares to be admitted to trading onAIM and trading in the Placing Shares is expected to commence on Tuesday 7November 2006. Following the admission of the Placing Shares to trading on AIM,the Company will have 43,212,849 Ordinary Shares in issue. Charles Stanley Securities has also placed a further 1,500,000 ordinary shareson behalf of Mr Ragnar Olaffson, representing 4.30 per cent. of the currentissued share capital, with institutional investors at a price of 60p. Followingthis, Mr Olaffson holds 1,298,000 ordinary shares, representing 3.72 per cent.of the current issued share capital and 3.00 per cent. of the issued sharecapital as enlarged by the Placing. 1 November 2006 Enquiries: Byotrol plc 0161 277 9518 Stephen FalderDeputy Chairman David McRobbieChief Executive Charles Stanley Securities 020 7149 6457 Philip Davies First City PR 0207 436 7486 Allan Piper McCann Erickson PR 01625 822540 Jim Rothnie This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
BYOT.L