31st Mar 2008 07:01
Pursuit Dynamics PLC31 March 2008 31 March 2008 Pursuit Dynamics PLC ("Pursuit Dynamics" or "the Company") Proposed Placing The Board of Pursuit Dynamics PLC (AIM: PDX), the developer and exploiter of thePDX(R) platform technology, is pleased to announce a proposed placing ("thePlacing") of 2,167,000 new ordinary shares of 1p each ("Placing Shares") at 300pper share (a small premium to the opening mid-market price on the last dealingday prior to this announcement) to raise approximately £6.5 million(approximately £6.2 million net of expenses). As announced in the recent AGM Statement, Pursuit Dynamics has received anencouraging level of enquiries for the PDX(R) Ethanol Reactor following thesigning of an agreement in February for the first full scale production installation. The Placing will provide Pursuit Dynamics with additional workingcapital funding to convert those enquiries into sales and further installations,and it enables the Company to meet demand from institutional investors wishingto invest in Pursuit Dynamics. Pursuit Dynamics has entered into a placing agreement with Cenkos Securitiesplc, pursuant to which Cenkos Securities plc has, on behalf of the Company,conditionally placed the Placing Shares with institutional investors. In addition, options have been exercised over 178,333 new ordinary shares of 1peach in the Company of which 175,000 have been exercised by Gary Pyle whorecently stepped down as a Non-Executive Director of the Company. Application will be made for all of the New Ordinary Shares, including the Placing Shares to be admitted to trading on AIM and it is anticipated thatadmission will become effective, and that trading in the New Ordinary Shareson AIM will commence, on 4 April 2008. For Further Information, please contact: Pursuit Dynamics PLCJohn Heathcote, Chief Executive Tel: +44 (0)1480 422050 Redleaf CommunicationsEmma Kane / Paul Dulieu Tel: +44 (0)20 7822 0200 Cenkos Securities plc Tel: +44 (0)20 7397 8900Corporate - Ian Soanes/Max HartleySales - Julian Morse Notes to Editors • Pursuit Dynamics PLC (AIM: PDX) owns and commercialises the PDX(R) fluid processing reactor whose benefits include significant reductions in energy usage, process acceleration and result enhancement for industries such as Bioethanol production, Fire Suppression, Decontamination Food & Drink and Brewing. • Pursuit Dynamics is headquartered in Huntingdon, UK and has an office in Norwalk, Connecticut, USA. Pursuit Processing Equipment Limited, the processing equipment division of Pursuit Dynamics, operates from its own facility in Brooklands, Surrey, UK. • Further information is available at the Company's website: www.pursuitdynamics.com • Publication quality photographs are available from Redleaf Communications This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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