22nd Jan 2007 07:01
Pursuit Dynamics PLC22 January 2007 Pursuit Dynamics PLC ("Pursuit Dynamics" or the "Company") Proposed Placing Pursuit Dynamics PLC (AIM: PDX), the developer and licenser of the innovativeand patented PDX(R) platform technology, is pleased to announce a proposedplacing ("Placing") of 6,955,000 new ordinary shares of 1p each ("Placing Shares") at 115p per share to raise approximately £8.0 million (approximately £7.6million net of expenses) to fund the continued development of the Company. Pursuit Dynamics now has one application of its technology (food and beverage)demonstrating its commercial viability with a further three (brewing, firesuppression and decontamination) near commercialisation with promisingprogrammes underway to develop other applications. Current trading continues tobe in line with expectations and the Directors consider that the Company hassufficient cash resources to allow it to begin to generate positive cash flowsduring the current financial year. However, the Directors consider that theadditional funds generated by the Placing will strengthen considerably thebalance sheet of the Company and enhance its position with customers, many ofwhich are substantial, multinational businesses or government agencies. It willalso enable the Company to progress its programmes for commercialisation of itstechnology more rapidly. The Placing will also enable Pursuit Dynamics to meetdemand from institutional investors wishing to invest in the Company and willbroaden its shareholder base. Pursuit Dynamics has entered into a placing agreement with Cenkos Securitiesplc, pursuant to which Cenkos Securities plc has, on behalf of Pursuit Dynamics,conditionally placed the Placing Shares with institutional investors. Application will be made for the Placing Shares to be admitted to trading on AIMand it is anticipated that admission will become effective and that trading inthe Placing Shares on AIM will commence on 15 February 2007. An extraordinary general meeting of the Company, which is required to disapplystatutory pre-emption rights in relation to the allotment of the Placing Shares,will be held at 11.00 a.m. on 14 February 2007. A circular containing a noticeconvening the extraordinary general meeting and details of the proposedPlacing is expected to be dispatched to the Company's shareholders later today.Separately, the Company's annual report for the year ended 30 September 2006 isexpected to be dispatched to shareholders during the week commencing 29 January2007. For further information on Pursuit Dynamics, please visitwww.pursuitdynamics.com Enquiries: John Heathcote, CEO Pursuit Dynamics PLC +44 (0)1480 422050 Ian Soanes/Julian Morse Cenkos Securities plc +44 (0)20 7397 8900 Simon Hudson/Rachel Drysdale Tavistock Communications +44 (0)207 920 3150 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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