Placing to raise £2.4 million

RNS Number : 7098X

Bango PLC

10 December 2010

 



10 December 2010

Embargoed until 07:00

BANGO PLC

("Bango" or "the Company")

Placing to raise £2.4 million

Bango plc (AIM:BGO.L), the mobile web payments and analytics company, announces that it is raising £2.4 million before expenses (the "Placing") by the  issue of 1,799,220 new ordinary shares ("New Ordinary Shares") at a price of 135 pence per share principally to meet demand from new institutional investors. The balance of the shares being issued is being subscribed for by existing institutional shareholders of the Company. The proceeds of the Placing will strengthen the Company's balance sheet, supporting its discussions with global industry leaders for its billing and analytics technology.

The subscription is being carried out utilising the Company's current authority to issue shares for cash on a non pre-emptive basis. The subscription price of 135 pence per share is a premium of 3.5 pence per share to the closing mid market price of 131.5 pence per ordinary share on AIM on 9 December 2010.

Application has been made to the London Stock Exchange for the New Ordinary Shares, which will rank pari passu with the existing shares in issue, to be admitted to trading on AIM. Admission is expected to become effective on 16 December 2010.

The Company's total issued share capital after the admission of the New Ordinary Shares will be 37,868,766 Ordinary Shares. The Company does not currently hold any shares in treasury. This figure of 37,868,766 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules. 

Ray Anderson, Chief Executive Officer of Bango plc, commented:

"We believe our relationship with RIM, providing payment services within the BlackBerry AppWorld, and our discussions with other application store owners have the potential to drive significant growth at Bango. This new investment is a strong endorsement of that potential, further strengthening our balance sheet and enabling us to fully capitalise on these opportunities as they arise."

Contact Details:

Bango plc	Threadneedle Communications	Cenkos Securities plc
Tel. [phone] www.bango.com	Tel. [phone]	Tel. [phone]
Ray Anderson, CEO	Caroline Evans-Jones	Ken Fleming
Peter Saxton, CFO	Fiona Conroy	Beth McKiernan

About Bango

Bango (AIM: BGO) provides technology that enables commerce on the mobile web.

Bango enables businesses of all sizes to collect payment for music, games, applications, videos and services sold to internet connected mobile phone users.  Bango is able to charge payments to mobile phone bills or use other billing methods such as credit card based on intelligence about the consumer. Bango also provides an analytics service that provides accurate information about visitors and the effectiveness of marketing activities for mobile web sites.

Visit www.bango.com.

 

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