19th Aug 2008 12:10
FOR IMMEDIATE RELEASE 19 August 2008
TSE Group Plc
("TSE" or the "Company")
Placing
The Board of TSE is pleased to announce that through its broker, Dowgate Capital Stockbrokers Limited ("Dowgate"), it has conditionally placed 190,000,000 new ordinary shares of 0.1p each ("Ordinary Shares") at a placing price of 0.17p per Ordinary Share (the "Placing") to raise £323,000 (before expenses) subject to admission. The Company intends to use the Placing proceeds to provide additional working capital and in particular, to fund TSE's next planned phase of international expansion. With its headquarters in Lausanne, TSE's operations cover the main regions where major sporting events will be held over the coming six years and intends to extend this into new territories.
In addition, the Company will issue a further 10,000,000 new Ordinary Shares to Dowgate pursuant to Dowgate's commission arrangements in respect of the Placing. The new 200,000,000 Ordinary Shares, arising out of the Placing and the Dowgate commission arrangements, will, on issue, rank pari passu with the existing Ordinary Shares in issue and application will be made for the new Ordinary Shares to be admitted to trading on AIM, following which TSE will have a total issued share capital of 783,900,000 Ordinary Shares admitted to trading on AIM. Trading in the new Ordinary Shares on AIM is expected to commence on or around 29 September 2008. The Placing is conditional, inter alia, on the passing at a general meeting (the "GM") of the Company of the necessary enabling resolutions to authorise the Company to issue shares for cash. The Company expects to issue the notice of GM shortly.
Adam Reynolds, Chairman, said:
"We are excited about the prospects to continue the international development of TSE and expand our overseas network. The Placing proceeds will enable TSE to accelerate this process."
For further information, please contact:
TSE Group plc
Tel: 0207 245 1100
Paul Foulger, Finance Director
www.tsegroupplc.com
Beaumont Cornish Limited
Tel: 0207 628 3396
Michael Cornish
Dowgate Capital Stockbrokers Ltd
Tel: 01293 517744
Clive Mattock
Note to Editors:
TSE Consulting SA is a wholly owned subsidiary of TSE Group plc, a company traded on AIM, a market operated by the London Stock Exchange. TSE Group plc will, through increased organic growth and acquisitions over the coming years, become a vertically integrated group of specialised companies providing high level consultancy services to governments and organising committees. TSE Consulting SA is the platform upon which the rest of TSE Group plc is based. TSE Group plc is committed to offering the complete range of services for governments and organising committees involved in major sports events.
ENDS
Related Shares:
PTCM.L