Placing

RNS Number : 7162A

Sabien Technology Group PLC

14 October 2009

 



14 October 2009

Sabien Technology Group plc

("Sabien" or "the Company")

GBP1.475 million Placing

• Placing of 4,916,000 Ordinary Shares at 30 pence per share to raise  approximately  GBP1.475 million from institutional and other investors

• Placing to support the Company's growth and working capital requirements

• Funds raised will also allow the Company to repay the TVI 2 Limited ("TVI 2") loan early thereby reducing the number of warrants issued to TVI 2 from 2,952,279 to 1,518,356 and leaving the Company debt free

Sabien, the manufacturer and supplier of M2G, an energy efficiency technology, is pleased to announce that it has conditionally placed 4,916,000 new ordinary shares of 5 pence each (the "Placing Shares") at a price of 30 pence per share (the "Placing Price"), raising approximately GBP1.475 million (before  expenses) for the Company from a number of institutional and other investors (the "Placing") through Arbuthnot Securities.  

The funds raised from the Placing will provide Sabien with the capital necessary to support the  Company's working capital requirements and will allow it to continue to grow its prospective pipeline  for the installation of M2G devices, which currently stands at c. 3,000 devices. 

The Placing Shares have been conditionally placed with institutional and other investors by Arbuthnot Securities Limited. The Placing Shares will, when issued, rank pari passu with the Company's existing issued ordinary shares, and dealings are expected to commence in the Placing Shares on Monday, 19 October 2009 ("Admission"). 

Alan O'Brien, Chief Executive Officer for Sabien said:

"I am very pleased by the support we have received from existing and new shareholders. The funds raised through this placing provide Sabien with the resources to pursue its growth strategy in the European and US markets and to repay its loan to TVI 2 leaving the company completely debt free. Early repayment of the TVI 2 loan means that approximately 50 per cent. of the warrants issued to TVI 2 will be cancelled. I would also like to thank all our advisers for a job well done." 

Total Voting Rights

Following Admission, the total number of issued ordinary shares of 5 pence each in the Company (the "Ordinary Shares") will be 31,486,511. The Company does not hold any Ordinary Shares in treasury. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules. 

For further information:

Sabien Technology Group plc
Alan O'Brien, CEO	Tel: [phone]
Gus Orchard, CFO	www.sabien-tech.co.uk

Arbuthnot Securities Limited
Antonio Bossi	Tel: [phone]
	www.arbuthnotsecurities.co.uk

 

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IOEILFIRITLVLIA