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Keycom PLC (KCO)

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Tuesday 03 August, 2010

Keycom PLC

Replacement re Placing

RNS Number : 4351Q
Keycom PLC
03 August 2010
 

This announcement corrects the previous Keycom plc announcement entitled 'Placing' released on 29 July 2010 at 0700 with RNS number: 1142Q

 

3 August 2010

 

 

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

 

Announcement correction

 

On 29 July 2010 Keycom announced a further issue of shares pursuant to the placing previously announced on 7 July 2010, stating that the issued share capital had increased to 616,576,712 ordinary shares of 1p each.  That number includes 10,000,000 shares for which placing commitments have been received but which have yet to be issued.

 

The current issued share capital of the Company is therefore 606,576,712 ordinary shares of 1p each and will become 616,576,712 ordinary shares of 1p each only upon the issue of the further 10,000,000 shares described above.

 

The full text of the previous announcement of 29 July 2010 follows:

 

"Placing

 

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. "

 

 

Contacts:

 

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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