6th May 2008 07:02
Timestrip PLC06 May 2008 Timestrip Plc (the 'Company') Subscription by the Company The Company is pleased to announce that it has raised £1,162,512, beforeexpenses, through a subscription by the Company of 53,820,000 new ordinaryshares of 0.02 pence each ('New Shares') at a price of 2.16 pence per share (the'Subscription Price'). The net proceeds from the Subscription will be£1,024,035. The Subscription Price represents a discount of 25 per cent. to theclosing middle market price of the Company on 2nd May 2008 (being the latestpracticable date prior to the organisation of the Subscription). The New Shareswill represent approximately 17% per cent. of the current issued share capitalof the Company. The Subscription is conditional upon admission of the New Shares to trading onAIM. The Company is actively engaged in negotiations to secure new contract wins andis also in discussions with third parties wishing to license its IP in order tomanufacture in local markets. The funds raised from the subscription will beused for the ongoing working capital and capital expenditure requirements of theCompany in its efforts to secure these contracts and license deals over thecoming months. Application will be made for the New Shares to be admitted to trading on AIM anddealings are expected to commence on 9th May 2008. 6 May 2008 For more information, please contact: Paul Freedman, Joint CEO, Timestrip plc 01462 440 700Shane Dolan, Biddicks 020 7448 1000Bobbie Hilliam, Evolution Securities 020 7071 4300 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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