News
Placing and Loan Agreement
14 August 2008
The Company is pleased to announce that it has raised £360,000 (prior to expenses) through a placing of 7,200,000 ordinary shares of 1p each in the capital of the Company ("Placing Shares") at a placing price of 5p per Placing Share. In addition, each subscriber of the Placing Shares will receive 1 warrant to subscribe for 1 ordinary share of 1p each at an exercise price of 5p each, exercisable over 3 years from admission of the Placing Shares to trading on AIM (the "Warrants") for every 5 Placing Shares subscribed to by an investor. Application will be made for the Placing Shares to be admitted to trading on AIM and dealings are expected to commence on 20 August 2008. The Warrants will not be admitted to trading on AIM.
In addition, Robin Saunders, the non-executive Chairman of the Company, has entered into loan agreement with the Company to provide the Company a non-convertible loan of £100,000 on an arm's length basis at commercial terms.
Ciaran Morton, Chief Executive of Cashbox, commented:
"These funds provide additional working capital and, importantly, the opportunity to consider further acquisitions, in addition to the small estate that we announced on 7 July. The UK IAD market remains fragmented and we are in an excellent position to lead its consolidation."
For further information:
| Cashbox plc | |
| David Auger, Chief Financial Officer | Tel: +44 (0) 1256 441 000 |
| dauger@cashboxplc.co.uk | www.cashboxplc.co.uk |
| Seymour Pierce Limited | |
| Jonathan Wright | Tel: +44 (0) 20 7107 8000 |
| www.seymourpierce.com | |
| Fairfax I.S. PLC | |
| Ewan Leggat | Tel: +44 (0) 20 7598 5368 |
| www.fairfaxplc.com |
Media enquiries:
| Threadneedle Communications | |
| Josh Royston / Graham Herring | Tel: +44 (0) 20 7653 9844 |
| www.threadneedlepr.co.uk |
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