Clarity Commerce Solutions PLC
03 April 2006
Clarity Commerce Solutions plc
Trading Update and Issue of Circular
Clarity Commerce Solutions plc ('Clarity'), a leading supplier of software
management solutions for the entertainment, ticketing, hospitality and leisure
sectors, is pleased to provide the following update on current trading:
Current trading
The Board is pleased to announce that profits for the year ended 31 March 2006
are in line with market expectations.
In respect of the Sodexho contract announced in October of last year, the
Company is pleased to confirm that the supply of software and the implementation
of that software within Sodexho's business are progressing well. This contract
has been an affirmation of the strength of Clarity's product range, and its
flexibility to work in a variety of retail environments.
The company expects to publish its results for the year ended 31st March 2006
towards the end of June.
Issue of circular
Further to the announcement on 29 March 2006 of the acquisition by the Company
of MATRA Systems Limited ('the Acquisition'), the Company announces that a
circular has been sent to shareholders convening an Extraordinary General
Meeting of the Company on Tuesday 25th April 2006.
As announced the initial consideration for the Acquisition is £3.0 million of
which up to £500,000 will be satisfied by the issue of Clarity shares ('the
Consideration Shares') and the balance of £2.5m in cash. The Company intends to
fund the cash element of the consideration through a mix of debt and equity.
The purpose of this EGM is to seek authority from shareholders to:
• Increase the authorised share capital of the Company from £5,000,000
to £6,250,000 by the creation of 5,000,000 new ordinary shares in the
Company of 25p each;
• Increase the Board's existing Section 80 authority to issue and allot up
to a further 4,000,000 Clarity shares (in addition to the existing authority
to allot 3,661,941 shares). This will allow the Board to issue and allot
the Consideration Shares to the shareholders of MATRA and to issue and allot
up to 3,000,000 shares ('New Shares') for cash; and
• Increase the Board's Section 89 authority to issue and allot the New
Shares on a non pre-emptive basis. This will allow the Board the
flexibility to fund the cash element of the Acquisition with the most
advantageous mix of debt and equity and to raise additional working capital.
Completion of the Acquisition is conditional on the passing of the resolution at
the EGM and is expected to take place at the end of April 2006.
3rd April 2006
Enquiries:
Clarity Commerce Solutions
Graham York, Chief Executive Officer 01932 778000
College Hill
Adrian Duffield/Ben Way 020 7457 2020
This information is provided by RNS
The company news service from the London Stock Exchange
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