Result of Open Offer

RNS Number : 1658J

Forbidden Technologies PLC

12 July 2013

 



12 July 2013

Forbidden Technologies plc

("Forbidden" or the "Company")

Result of Open Offer

On 20 June 2013, Forbidden Technologies plc announced details of a Conditional Placing and Open Offer.  The Placing had conditionally raised proceeds of £8.0 million through the issue of 40,000,000 Placing Shares at 20p per share.  In addition, to allow existing shareholders to invest further in the Company at the same price, 20p per share, Forbidden was giving all Qualifying Shareholders the opportunity to subscribe for an aggregate of up to 5,000,000 Open Offer Shares.

The Open Offer has now closed in accordance with its terms and the Board is pleased to announce that it has received valid acceptances under the Open Offer in respect of 4,557,778 Open Offer Shares from Qualifying Shareholders, which represents a take-up of approximately 91.1% of the total Open Offer Shares being offered.

Terms defined in the Circular published by the Company on 21 June 2013 have the same meaning in this announcement unless the context requires otherwise.

Stephen Streater, Chief Executive, said:

"I am very pleased with the level of Open Offer take up. Existing investors had the opportunity to avoid dilution from the Placing, and the high level of take up demonstrates the strength of support for our strategy amongst existing shareholders."

For more information, please visit www.forbidden.co.uk or contact:

Forbidden Technologies plc

Stephen Streater, CEO

Tel: [phone]

Cenkos Securities plc, Nominated Adviser and Broker

Adrian Hargrave, Corporate Finance

Alex Aylen, Sales

Tel: [phone]

Bishopsgate Communications

Nick Rome / Sam Allen / Matthew Low

Tel: [phone]

[e-mail]

Notes for editors

About Forbidden Technologies

Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000. The Company develops and markets a powerful cloud video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers.  FORscene is one of the world's most advanced browser-based and mobile applications.

 

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