Mobile Streams plc Successful fundraising of £2.2m (7644Q)
02 December 2016 - 6:01PM
UK Regulatory
TIDMMOS
RNS Number : 7644Q
Mobile Streams plc
02 December 2016
2 December 2016
Mobile Streams plc
("Mobile Streams" or the "Company")
Successful fundraising of GBP2.2m
Mobile Streams (AIM: MOS) yesterday announced the launch of a
proposed placing and offer for subscription in respect of
39,418,000 Ordinary Shares at a price of 4 pence per Ordinary
Share.
The Company is delighted to announce that following excess
demand, the overall size of the Fundraising has been increased. The
Company has therefore conditionally raised gross proceeds of GBP2.2
million through the successful placing and offer of 54,479,250
Ordinary Shares (the "New Shares") at a price of 4 pence per New
Share (the "Fundraising").
The net proceeds of the Fundraising will be used to finance the
rapid growth in working capital required by the Company's plans and
to enable the Company to commit to its proposed marketing spend in
India through to the end of the Company's next financial year in
2018.
The Company currently has limited authority to issue new
Ordinary Shares for cash on a non-pre-emptive basis. Accordingly,
3,627,000 of the New Shares (the "Initial Shares") will be issued
under the Company's existing shareholder authorities and an
application will shortly be made to the London Stock Exchange for
these shares to be admitted to trading on the AIM Market. It is
expected that admission of the Initial Shares will become effective
on or around 15 December 2016.
The remainder of the Fundraising (excluding the Initial Shares),
namely 50,852,250 New Shares, is conditional on, inter alia, the
passing of the Fundraising Resolutions to be proposed at a general
meeting expected to be held at the offices of Memery Crystal LLP,
44 Southampton Buildings, London WC2A 1AP at 12.00 pm on 19
December 2016 (the "General Meeting"). A circular which will
provide further details of the Fundraising and will include a
notice convening the General Meeting (the "Circular"), is expected
to be sent to shareholders and be available on the Company's
website in the coming few days.
Simon Buckingham, Chief Executive Officer, said: "We are
delighted with the demand that we have received for this
fundraising, especially the continuing support of individual
investors who have subscribed. As a mobile technology company, it
seems only fitting that 43% of subscribers on PrimaryBid did so via
mobile devices. The capital raised which will provide us with the
working capital we require to commit to our planned marketing spend
in India through to the end of the Company's next financial year in
2018. I would like to thank our customers, shareholders and
employees for their continuing support."
Directors' interests
In addition, the Company announces that that Simon Buckingham,
Chief Executive Officer, has participated in the Fundraising in the
amount of 2,003,000 Ordinary Shares.
Immediately following Admission, Simon Buckingham will hold
12,385,500 Ordinary Shares, representing 13.52 per cent. of the
then issued share capital.
The participation by Simon Buckingham in the Fundraising
constitutes a related party transaction for the purposes of the AIM
Rules. The independent directors for the purposes of the
Fundraising (being the all of the remaining Directors save for
Simon Buckingham), having consulted with the Company's nominated
adviser, N+1 Singer, consider that the terms of the related party
transaction are fair and reasonable insofar as the Shareholders are
concerned.
Expected timetable
Posting of the Circular and 2 December 2016
Form of Proxy
Admission and commencement 15 December 2016
of dealings in the
Initial Shares
Latest time and date for 12.00 p.m. on 15 December
receipt of Forms of Proxy 2016
for the General Meeting
Time and date of General 12.00 p.m. on 19 December
Meeting 2016
Admission and commencement 8.00 a.m. on 20 December
of dealings in the 2016
New Shares
Total voting rights
Following admission of the Initial Shares the number of Ordinary
Shares in issue and number of voting rights will be 40,741,283. The
above figure may be used by shareholders as the denominator for the
calculations by which they will determine whether they are required
to notify their interest in, or a change to their interest in, the
Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
Enquiries:
Mobile Streams plc +1 347 669 9068
Simon Buckingham, Chief
Executive Officer
Enrique Benasso, Chief
Financial Officer
Nplus1 Singer Advisory
LLP
Nominated Adviser and
Broker +44 (0)20 7496 3000
Alex Price
Alex Laughton-Scott
PrimaryBid Limited +44 (0)20 7491 6519
Dave Mutton info@primarybid.com
Definitions
"Admission" the admission of the New Shares to
trading on AIM following completion
of the Fundraising and such admission
becoming effective in accordance
with Rule 6 of the AIM Rules;
"Directors" the directors of the Company;
"Fundraising the resolutions to be set out in
Resolutions" the Notice of General Meeting to
grant the Directors the necessary
authority and power to allot the
New Shares (excluding the Initial
Shares) for cash on a non-pre-emptive
basis, in a form agreed by N+1 Singer;
"New Shares" the 54,479,250 Ordinary Shares to
be issued under the Fundraising;
"Notice of the notice convening the General
General Meeting" Meeting which will be set out at
the end of the Circular; and
"Ordinary the ordinary shares of 0.2 pence
Shares" each in the capital of the Company.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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