10 January 2002
The Company is pleased to announce the placing of 6,153,846 new ordinary
shares of 1p each, fully paid, at 3.25 p per share to raise approximately £
200,000 before expenses. The Placing has been made to Clement Chambers, a
director of the Company, and increases his holding in the ordinary share
capital of the Company to 6,253,846 ordinary shares representing 2.09% of the
Company's enlarged issued share capital.
This placing was foreshadowed in the Company's preliminary announcement, made
on 14 December 2001, where it was noted that there was a potential requirement
to raise further funds for the Company early in 2002.
Application has been made for the shares to be traded on AIM and admission is
expected on 17 January 2002.
The board of directors, with the exception of Clement Chambers who is
interested in the transaction as a related party, considers, having consulted
with Grant Thornton, its nominated adviser, that the terms of the transaction
are fair and reasonable insofar as the shareholders are concerned.
As was stated in the Managing Director's Review of the year ended 30 June
2001, included within the Company's preliminary announcement made on 14
December 2001, since the year-end through both prudent cost cutting and
revenue growth, the Company has moved significantly towards profitability and
positive cash flow. In that statement the directors expressed their confidence
that the Company would cross this important threshold during the next year.
Looking to the future, the Company now believes that these measures will bring
ADVFN to a position of operational profitability and positive cash flow in the
first quarter of 2002.
For further information contact:
Clement Chambers, ADVFN, 020 7070 0947
Graeme Thom, Grant Thornton, 020 7383 5100