25th Jan 2008 07:00
Red24 PLC25 January 2008 red24 plc Issue of Equity red24 plc, the AIM-quoted security and risk management consultancy, is pleasedto announced that it has raised £299,750 through a placement of 10,900,000ordinary shares of 1p ('Placing Shares') at a price of 2.75p. As part of the Placing the Company has issued 10,900,000 warrants attached tothe Placing Shares on a one-for-one basis. The warrants give the holder theright to subscribe for new ordinary 1p shares in the Company at an exerciseprice of 3.75p at any time up to the 31 March 2009. Application has been made for the Placing Shares to be admitted to trading onAIM and dealings are expected to commence on 30 January 2008. The warrants willnot be admitted to AIM or any other Exchange. Following the Placing the issuedshare capital of red24 plc has increased to 43,371,080 ordinary shares of 1p. Director Dealings Under the Placing the following Directors have subscribed for Placing Shares: S. A. Richards 3,820,000*M. Worsley-Tonks 363,500J. E. A. Mocatta 100,000 *Of these 3,820,000 shares, 3,635,000 were subscribed for by Sidebell Limited acompany in which Simon Richards is a Director and shareholder. Following the Placing the Directors will have the following interest in theCompany: Mr Simon Richards, Chairman, will have an interest in 10,224,250ordinary shares representing 23.6%, of which, 21.4% is held by Sidebell Limited,in which he is a director and shareholder; Mal Worsley-Tonks will have aninterest in 513,500 ordinary shares representing 1.2%; and John Mocatta willhave an interest in 365,000 ordinary shares representing 0.8%. In addition, following the placing Mr J M Brigg will have an interest in4,836,500 ordinary shares representing 11.2%, of which, 9.2% is held by EMISInternational Business Ltd, a company wholly owned by Mr Brigg. MerchantCorporate will have an interest in 3,635,000 ordinary shares representing 8.4%. Taken in aggregate the Directors' subscription would represent a related partytransaction under the AIM Rules. As there are no independent directors inrespect of this transaction the Company has consulted with the Company'snominated adviser which has confirmed that, in its opinion, the terms of thetransaction are fair and reasonable as far as the shareholders are concerned. Simon Richards, Chairman of red24 plc, commented:"This further funding from both existing and new shareholders shows a continuedsupport in the red24 brand as we continue to work towards profitability." ---ENDS--- red24plc 01189 7776696Simon Richards Threadneedle Communications 020 7936 9606Josh Royston / Graham Herring HB Corporate 020 7510 8600Luke Cairns / Cecil Jordaan Notes to Editors: red24 plc is a provider of security risk management services, offeringpreventative and reactive advice to help individuals avoid and manage personalrisks to themselves and their families. The products are distributed throughleading international financial service companies. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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