StartIT.com PLC - Re Placing, etc.
07 January 2000 - 7:00PM
UK Regulatory
RNS Number:3905D
StartIT.com PLC
7 January 2000
Placing at 17.75p to raise #887,500
Introduction
The Placing of 6,000,000 new ordinary shares of 1p each at 14.5p per share to
raise approximately #828,250 (net of expenses) was successfully completed
following the passing of the necessary shareholder resolutions on 22 December
1999 and Admission of the new ordinary shares to AIM on the 23 December 1999.
The Company has been approached again by an institution which has expressed
its willingness to subscribe for 5,000,000 new ordinary shares of 1p each
("the Placing Shares") at 17.75p per share. The Placing will raise
approximately #840,000 (net of expenses) for the Company.
The directors believe that whilst institutional appetite exists to subscribe
for new shares in the Company, advantage should be taken of this opportunity
to raise additional working capital to broaden the number and size of
investments the Company makes in start-up and early stage internet related and
IT companies and to improve the liquidity in the Company's shares.
To give effect to this proposal, the directors require the authority of the
shareholders to allot the Placing Shares and to be empowered to allot the
Placing Shares for cash otherwise than pro rata to existing shareholders.
Accordingly a letter is today being sent to shareholders giving notice of an
extraordinary general meeting to be held on 31 January 2000 at which the
resolutions necessary to approve and implement the Placing will be proposed.
The Placing
By a placing letter dated 23 December 1999, the Company has agreed to issue
5,000,000 Placing Shares at 17.75p per share conditional upon the passing of
the necessary resolutions at the extraordinary general meeting of the Company
and admission of the Placing Shares to trading on AIM becoming effective by
not later than 8.30 a.m. on 1 February 2000.
Completion of the Placing is expected to take place immediately following the
extraordinary general meeting of the Company.
Application will be made for the Placing Shares to be admitted to trading on
AIM and dealings are expected to commence on 1 February 2000.
Market Dealings
The following table shows the middle market quotations for the ordinary shares
of the Company derived from the AIM section of the Daily Official List on the
first dealing day in each week commencing the week beginning 6 December 1999
and on 4 January 2000 the latest practicable date prior to the printing of the
placing letter:
Price
4 January 2000 22.75p
29 December 1999 23.25p
20 December 1999 17.50p
13 December 1999 21.25p
6 December 1999 24.50p
Current Trading
At the time of admission to the Alternative Investment Market in July 1999,
the directors anticipated that the Company would make its first investment by
October 1999. In the letter to shareholders dated 29 November 1999 the
Company advised that it had invested #100,000 in GLS Software Limited, a
company specialising in booking and invoicing systems. Currently a
conditional funding offer is outstanding and a further investment is close to
completion. The Company is receiving funding proposals at a rate of more than
one a day, a number of which are being evaluated for investment. Shareholders
will be kept informed of further material developments.
For further information on the Company's marketing approach, shareholders may
wish to view its web site at www.start-it.co.uk.
Enquiries:
Phillip Brown StartIT.com plc 01274 623 478
John Simpson English Trust Company Limited 020 7608 0888
Richard Armstrong Fiske & Co. Limited 020 7448 4700
END
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