Issue of Equity (1929K)
12 July 2011 - 4:00PM
UK Regulatory
TIDMVIR
RNS Number : 1929K
Viridas PLC
12 July 2011
Viridas Plc
("Viridas" or the "Company")
Equity Placing
Viridas, the AIM listed investing company (AIM:VIR), announces
that the Company has raised an additional GBP500,000 before
expenses, by way of a subscription for 125 million new ordinary
shares of 0.1 pence each in the share capital of the Company (the
"New Ordinary Shares") at a price of 0.4 pence per share (the
"Subscription Price"). The Subscription Price represents a discount
of 3.6 per cent. to the closing mid market share price on 11 July
2011 and a premium of 60 per cent. to the conversion price of 0.25
pence for each new ordinary shares issued on 18 May 2011.
The proceeds of the subscription will be used to increase cash
reserves of the Company as the Board seeks to accelerate the
implementation of Company's investment strategy.
Application will be made for admission of the New Ordinary
Shares to trading on AIM which is expected to occur on 18 July 2011
("Admission").
Following Admission, there will be 577,857,956 ordinary shares
in issue. This number 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 in
their interest in, the share capital of the Company.
Commenting on the subscription, Nicholas Lee, Chairman of
Viridas, said:
"We are seeing an increasing number of interesting opportunities
and it is important that your Company is in the best possible
position to take advantage of these. Accordingly, your board has
decided to take the opportunity to increase the Company's financial
firepower at a small discount to the prevailing market price
thereby minimising dilution to shareholders. Your board is very
much focused on creating value for shareholders and looks forward
to announcing the progress of its strategy in due course"
For more information please contact:
Viridas Plc: +44 (0)7973 616952
Nicholas Lee, Chairman
Nominated Adviser and Joint Broker: +44 (0) 20 7012 2000
Arbuthnot Securities
Antonio Bossi / Paul Gillam
Joint Broker: +44 (0) 20 7562 3351
Rivington Street Corporate Finance
Peter Greensmith
This information is provided by RNS
The company news service from the London Stock Exchange
END
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