Forbidden raises £1.6m via in

RNS Number : 3589U

Forbidden Technologies PLC

14 October 2010

 



14 October 2010

Forbidden Technologies plc

("Forbidden" or "the Company")

Forbidden raises £1.6m via institutional placing

Forbidden Technologies (AIM: FBT), the AIM-quoted developer of the market leading Cloud video platform FORscene, is pleased to announce that it has raised £1.6 million before expenses, via a placing ('the Placing') of 4,847,000 new ordinary share of 0.8 pence in the Company ('the New Ordinary Shares'), with a number of institutional investors, at a price of 33 pence per share, closing mid price on 13 October 2010.

The Placing achieves four strategic goals:

·      to reduce the number of shares held by Board members to below 75%;

·      to enable the repayment of all outstanding loans;

·      to provide a significant cash reserve; and

·      to enlist institutional support for the Company

The Placing is conditional on the admission of the New Ordinary Shares to trading on AIM. 4,847,000 New Ordinary Shares were allotted yesterday, and application will be made for these shares to be admitted to trading on AIM. Trading in the New Ordinary Shares is expected to commence on 20 October 2010.

Following Admission of the 4,847,000 shares allotted yesterday, the Company's enlarged issued share capital will be 86,169,500shares.

Stephen Streater, CEO of Forbidden Technologies, said: "The Company has crossed the threshold for serious institutional investment. We look forward to the future with confidence."

-Ends-

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

Forbidden Technologies plc

Tel: [phone]

Stephen Streater, Chief Executive

Brewin Dolphin

Tel: [phone]

Neil Baldwin, Nominated Advisor

Bishopsgate Communications

Tel: [phone]

Gemma O'Hara

Siobhra Murphy

[e-mail] 

Notes to Editors

Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.

The Company develops and markets a powerful internet 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 applications, operating in The Cloud.

 

END

 

 

IOEFFUFMDFSSEES