Vislink PLC
09 February 2005
9 February 2005
Vislink Plc ('Vislink' or the 'Company')
Result of Placing and Open Offer
On 14 January 2005, Vislink announced the proposed acquisition of Link Research
Limited and a proposed Placing and Open Offer of 20,414,569 New Ordinary Shares
at 22.75 pence per share on the basis of 1 Open Offer Share for every 5 Existing
Ordinary Shares.
The Company announces that valid acceptances have been received in respect of
45,244,635 Open Offer Shares representing a total of approximately 222 per cent.
of those available under the Open Offer. Of the 45,244,635 Open Offer Shares,
15,080,996 were applied for by Qualifying Shareholders under their Open Offer
Entitlement. Those Qualifying Shareholders who applied for in excess of their
Open Offer Entitlement will be scaled back and allocations will be made pro-rata
to the number excess Open Offer Shares applied for. 19,496,569 of the Open Offer
Shares were placed with institutional and other investors, subject to recall to
satisfy valid applications under the Open Offer. Following the number of valid
acceptances received from Qualifying Shareholders under the Open Offer, no Open
Offer Shares will be subscribed for by placees procured by Investec.
Aggregate acceptances in respect of 918,000 Open Offer Shares have been received
from Robert Morton, Ian Scott-Gall, James Trumper, Timothy Trotter and Anthony
Finizio, all directors of the Company, in accordance with their irrevocable
undertakings to take up their entitlement.
The Placing and Open Offer remains conditional, inter alia, upon the resolutions
to be put to the extraordinary general meeting due to be held at 11.00 am today
being passed and admission of the New Ordinary Shares to listing on the Official
List of the UK Listing Authority and to trading on the London Stock Exchange's
and the Irish Stock Exchange's respective market for listed securities. It is
expected that Admission will become effective and that dealings in the New
Ordinary Shares will commence at 8.00 am on 11 February 2005.
Vislink expects to announce later today the result of the extraordinary general
meeting due to be held at 11.00 am today.
Terms defined in the prospectus dated 14 January 2005 have the same meaning in
this announcement, save where the context otherwise requires.
Enquiries
Vislink plc Tel: 01488 685500
Ian Scott-Gall, Chief Executive
James Trumper, Finance Director
Investec Investment Banking Tel: 020 7597 5970
Patrick Robb, Director of Corporate Broking
Michael Ansell
Investec Investment Banking, a division of Investec Bank (UK) Limited, which is
authorised and regulated by the Financial Services Authority and is a member of
the London Stock Exchange, is acting exclusively for Vislink in connection with
the Proposals and is not acting for any person other than Vislink and will not
be responsible to any person other than Vislink for providing the protections
afforded to its customers or for providing advice on the transactions and
arrangements proposed in this announcement.
Davy, which is regulated in Ireland by the Irish Financial Services Regulatory
Authority is acting exclusively for Vislink in connection with the Proposals and
is not acting for any person other than Vislink and will not be responsible to
any person other than Vislink for providing the protections afforded to its
customers or for providing advice on the transactions and arrangements proposed
in this announcement.
END
This information is provided by RNS
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