16th Oct 2008 07:00
Embargoed Release: 07:00hrs Thursday 16th October 2008
Toumaz Holdings Limited (`Toumaz Holdings', the `Company' or the `Group') Placing
Toumaz Holdings, the niche investor that specialises in emerging technologies with strong commercial propositions for the healthcare and electronic sectors, is pleased to announce it has raised ‚£558,000 by way of a placing of 9,300,000 new ordinary shares of 0.25p each ('Placing Shares') in the Company at a price of 6p with Herald Investment Management Limited (`HIML'). HIML will now hold a 10% stake. The placing price of 6p represents a premium of 37% to the Group's share price of 4.375p as at 4.30pm, Thursday 16th October 2008.
The proceeds of the placing will largely be used to increase the Group's equity stake in Future Waves Limited (`Future Waves'). Toumaz Holdings will become the largest shareholder of the business; the Group retains its representation on the Future Waves board with Chris Toumazou and Guy Spelman as chairman and vice chairman.
Future Waves is a fabless semiconductor designer and supplier focusing on mobile receiver solutions for the digital audio and video broadcasting industry. The funds will help to launch its second generation chipsets; fenix2 and orion2 on the market by year end 2008. Customers have already been secured. The leading edge technology is targeted towards multi-band solutions worldwide. The business remains focused on delivering global single chip solutions providing ultra low power at the lowest cost.
The placing is conditional on the Placing Shares being admitted to trading on AIM, following which Toumaz Holdings will have a total issued share capital of 226,759,130 Ordinary Shares. The Placing Shares will, on issue, rank pari passu in all respects with the existing Ordinary Shares in issue. Application has been made for the Placing Shares to be admitted to trading on AIM, on 17 October 2008.
-End- For further information please contact:
Guy Spelman Toumaz Holdings Limited Tel: +44 7767 338 967Rose Herbert/ Charles Cunningham/ Sam Smith FinnCap Tel: 020 7600 1658 Vikki Krause Hansard Group Tel: +44 207 245 1100
vendorRelated Shares:
FST.L