13th Aug 2007 11:46
Traction Technology PLC13 August 2007 For Immediate Release 13 August 2007 Traction Technology PLC ("Traction" or the "Company") Placing and Directors' dealings The Company is pleased to announce that it has raised a total of £245,000 bymeans of a placing of 875,000 new Ordinary Shares of 3p each at a price of 28pper share. Application will be made for the 875,000 new Ordinary Shares issued today to be admitted to trading on AIM which will rank pari passu with theexisting Ordinary Shares. Certain Directors of the Company, being Bob Dover, Nick Brayshaw and GerryDefries have subscribed for 71,428, 71,428 and 17,857 Ordinary Sharesrespectively as part of this placing. As a result of this: Bob Dover now has an interest in 3,211,420 Ordinary Sharesrepresenting 9.4% of the Company's issued share capital; Nick Brayshaw now hasan interest in 3,737,173 Ordinary Shares representing 10.9% of the Company'sissued share capital; and Gerry Defries now has an interest in 367,524 OrdinaryShares representing 1.1% of the Company's issued share capital. The funds raised through the placing will be used to further acceleratedevelopment of the tribrid engines as well as for general working capitalpurposes. ENDS For further information, please contact: Traction Technology PLCNicholas Brayshaw, ChairmanTel +44 (0) 1403 791392 Beaumont Cornish LimitedRoland CornishTel +44 (0) 20 7628 3396 Ambrian Partners LimitedTel +44 (0) 20 7776 6400Richard BrownShaun Whyte Parkgreen Communications Tel +44 (0) 20 7851 7480Lucy Lake This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
T42 Iot Track.