2nd Dec 2009 09:26
FOR IMMEDIATE RELEASE 2 December 2009
RAM INVESTMENT GROUP PLC
("RAM" or the "Company")
INSTITUTIONAL PLACING TO RAISE £1 MILLION NET OF EXPENSES
The Board of RAM Investment Group plc ("RAM") announces that it has today completed a round of fundraising in order to provide funding for the investment in TrainFX and provide the enlarged group with additional working capital.
Tim Baldwin, CEO of RAM commented: "The Company is delighted to have secured funding designed to ensure the enlarged company is set up to exploit current opportunities in the digital out of home environment. The placing has been supported by new institutions, existing institutions and senior management at RAM and Train FX Ltd and we are pleased with the wide support we are gaining for the enlarged group's strategy. With a significantly strengthened balance sheet we look forward to 2010 with confidence".
The Company has placed 12,556,957 new ordinary shares of 1p each ("Ordinary Shares") at a price of 8.5p per Ordinary Share to raise £1,067,341.38 before expenses. In addition, the Company also announces an allotment of 47,058 new Ordinary Shares of 1p each at a price of 8.5p per Ordinary Share to its non-executive directors in lieu of their fees for September 2009 to October 2009.
Application will be made for 12,604,015 new Ordinary Shares in RAM, which, when issued, will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM. This is expected to be on 7 December 2009.
The application for new Ordinary Shares includes 705,882 Ordinary Shares to Tim Baldwin and 23,529 Ordinary Shares to Iain Manley. Also included in the allotment are 23,529 Ordinary Shares to 21 Vision Limited, a company which Edward Adams is a director and exercises management control.
On completion of the above transactions:
Tim Baldwin will have an interest in 5,529,438 Ordinary Shares representing 7.61% of issued share capital of RAM.
Edward Adams will have an interest in 1,137,968 Ordinary Shares representing 1.57% of the issued share capital of RAM.
Iain Manley will have an interest in 137,968 Ordinary Shares representing 0.19% of the issued share capital of RAM.
For further information please call:
Tim Baldwin RAM Investment Group plc 0207 518 4303
Sandy Jamieson Libertas Capital Corporate Finance Limited 0207 569 9650
Monisha Varadan Rivington Street Corporate Finance Limited 0207 562 3389
Related Shares:
RAM.L