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Keycom PLC (KCO)

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Thursday 29 July, 2010

Keycom PLC


RNS Number : 1142Q
Keycom PLC
29 July 2010

29 July 2010



Keycom plc ("Keycom" or "the Company")




The Board of Keycom is pleased to announce that it has raised a further £550,000 in equity.


In the course of the acquisition of Masterpoint Engineering Limited in December 2008, the vendors agreed to take £750,000 in loan notes as part consideration.  Pursuant to the sale and purchase agreement the vendors had the right to convert any outstanding loan notes into equity at 90% of the bid price in the market at any time.  The amount remaining outstanding of the loan notes was £450,000 and the holders elected to exercise their option and convert those notes to equity.  The issue price was 1.35 pence per share, representing 90% of the prevailing bid price and the corresponding shares issued as a consequence of the conversion was 33,333,334 ordinary shares of 1p.   


The company announced a placing of shares on 7 July 2010 of 96,000,000 shares, with 81,000,000 shares issued immediately and a further 15,000,000 to be issued over the subsequent weeks.  The company confirms that a further equity injection has been made of £100,000 and accordingly 5,000,000 further ordinary shares have been issued at 2.0 pence per share. It is expected that these shares will be admitted for trading on PLUS on 29 July 2010.


The remaining £200,000, arising from that placing commitment, is committed for subscription over the coming weeks. The further 10,000,000 shares will be issued at that time.


Following the issues referred to above, the Company's issued share capital is now 616,576,712 ordinary shares of 1p each.


The proceeds of the placing will be used to provide additional working capital. 





Keycom plc:


Rod Matthews (Executive Chairman and CEO)                        07775 755 500

Graham Robertson (Finance Director)                                     01785 717 411


Seymour Pierce


Nandita Sahgal                                                                        020 7107 8000

Tom Sheldon                                                                           020 7107 8000


This information is provided by RNS
The company news service from the London Stock Exchange

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