Issue of Equity
Rotala PLC
18 January 2006
Press Release
18 January 2006
Rotala plc
('Rotala' or 'the Company')
Placing of shares in the Company fulfilling the remaining substantive condition
to settlement
The Board of Rotala is pleased to announce the placing of 46,666,667 ordinary
shares in the Company. The shares, previously owned by Spritto Nominees Limited,
a company wholly owned by Stuart Lawrenson, have now been placed with private
investors at a price of 1.35 pence per share. The net proceeds of the placing
will be transferred to Central Parking System of UK Limited ('CPS') in
accordance with the settlement agreement announced on 30 December 2005. Walker
Crips is acting as broker in relation to the placing.
The completion of this placing marks the fulfilment of the remaining substantive
condition to settlement under the arrangements between the Company, the Flights
Group of companies, Central Parking Corporation ('CPC'), its subsidiary, CPS and
Stuart Lawrenson.
The board of the Company remains committed to creating an integrated, specialist
transport company from the platform provided by the Flights Group. As previously
stated in its announcement of 10 January 2006, the directors have determined
that new equity funding should be raised, and are proposing to raise up to
£1,500,000, with a minimum target of £600,000. The funding will be under the EIS
relief scheme and the pricing will be determined in due course, but is expected
to be within the current market price. Further details of the proposed
fundraising are expected to be announced shortly.
Following the placing, the Company has received notifications in relation to the
following substantial shareholders in the Company:
Placing @ 1.35p Holding in the Company
following placing
Wengen Pension Plan 15,000,000 shares 25,275,000 shares
(JH Gunn & Mrs RS Gunn)
Paul Heath 6,000,000 shares 10,800,000 shares
LinkTraders 6,000,000 shares 12,000,000 shares
Ludgate 181 6,631,042 shares 11,431,042 shares
(Jersey) Ltd
N Haynes Tst 3,750,000 shares 5,515,000 shares
I Croft Tst 3,750,000 shares 5,975,000 shares
John Gunn
Chairman
18 January, 2006
Contacts:
Stuart Parkinson, Walker Cripps 020 7553 9680
Nick Fox, M: Communications 020 7153 1540/ 07711 727 618
Notes to Editors:
The Company was admitted to trading on AIM on March 29th 2005, having been
incorporated on January 21st 2005 to invest in the parking and transportation
sectors. In the transport sector, the Board anticipated that opportunities would
arise in the provision of bus services, chauffeur-drive services, and integrated
ground transportation. In the Company's admission document dated March 11th 2005
the Board stated its intention to complete the Company's first acquisition
within six months of Admission and in August 2005 it agreed the acquisition of
the Flights Group of companies.
The Flights Group comprises three companies: Flights Hallmark, Flights Corporate
Transfers and FH Transport. Flights Hallmark is a mature coach and bus business
formed through the acquisition and amalgamation of a number of businesses. Its
main activities include the provision of dedicated transport solutions for a
range of corporate customers, the operation of various shuttle bus services and
a substantial coach hire business. Flights Corporate Transfers operates
chauffeur driven cars, particularly relating to transport to and from UK
airports, for a range of airlines and airline-related customers. The third
company, FH Transport, does not currently trade but holds certain contracts with
customers relating to the business operated by the other members of the Flights
Group.
This information is provided by RNS
The company news service from the London Stock Exchange