Result of Open Offer and General Meeting

RNS Number : 4864U

Bango PLC

16 October 2014

 



16 October 2014 

THIS ANNOUNCEMENT IS RESTRICTED AND IT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, NEW ZEALAND AND THE REPUBLIC OF IRELAND OR ANY OTHER STATE OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL

BANGO plc

("Bango")

Result of Open Offer and General Meeting

Oversubscribed £6 million Fundraising successfully concluded

On 29 September 2014, Bango (AIM: BGO), the mobile payments company, announced a conditional Firm Placing, Placing and Open Offer of up to 6,250,000 New Ordinary Shares at 96 pence per share to raise up to £6.0 million before expenses.

Under the Open Offer, up to 2,076,350 New Ordinary Shares ("Open Offer Shares") were offered at a price of 96 pence per New Ordinary Share. Qualifying Shareholders were able to subscribe for Open Offer Shares on the basis of 1 Open Offer Share for every 22 Ordinary Shares held on the record date (being 25 September 2014).  The Open Offer closed for acceptances at 11.00 a.m. on 15 October 2014.

The Firm Placing and the Placing were oversubscribed and Bango has now received valid acceptances in respect of 567,290 Open Offer Shares from Qualifying Shareholders.  This represents approximately 27.3 per cent. of the Open Offer Shares offered.  Qualifying shareholders who validly applied for Open Offer Shares will receive the full amount of Open Offer Shares they applied for. The remaining 1,509,060 Open Offer Shares, representing 72.7 per cent. of the aggregate number of Open Offer Shares offered, have been subscribed for pursuant to the Placing.

Bango is also pleased to announce that, at its General Meeting held today, all of the resolutions as set out in the Circular dated 29 September 2014 were duly passed. Bango has therefore raised aggregate gross proceeds of £6.0 million through the Firm Placing, Placing and Open Offer.

Application has been made to the London Stock Exchange for the Open Offer Shares to be admitted to trading on AIM. It is expected that such admission will occur at 8.00 a.m. on 17 October 2014.

Following Admission, the New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares of 20 pence each in issue including the right to receive all dividends and other distributions declared. Following the Fundraising, the Company's total issued and voting share capital will comprise 51,929,713 Ordinary Shares. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the FCA's Disclosure and Transparency Rules.

Ray Anderson, Chief Executive Officer of Bango, commented: "We are very pleased that the Fundraising has been well supported by existing shareholders and we are delighted to welcome a substantial new institutional investor to Bango. The net proceeds enable Bango to capitalize on its strong pipeline of opportunities to their full potential while maintaining high levels of technological innovation and customer service as end user spend grows significantly and at an accelerating pace.

"With an unrivalled position in the thriving digital economy, Bango's growth is accelerating as we increase the number of app store and Mobile Network Operator partners globally. We are excited to address the significant opportunity ahead."

Defined terms used in this announcement not otherwise defined shall have the same meaning as those terms defined and used in the Circular.

Contact Details:

Bango plc	Cenkos Securities plc	Newgate Threadneedle
Tel. [phone]	Tel. [phone]	Tel. [phone]
www.bango.com	Nick Tulloch	Fiona Conroy
Ray Anderson, CEO Gerry Tucker, CFO	Neil McDonald	John Coles Jasper Randall

About Bango

In the era of mobile technology, collecting payments has emerged as a central and complex challenge. Bango (AIM: BGO) powers payment and analytics on the mobile web, providing users with a massively smooth payment experience.

Bango's pervasive presence across the web creates a platform effect for partners, identifying hundreds of millions of users and maximizing the number of one click payments. Global leaders plugging into Bango include Amazon (NASDAQ: AMZN), BlackBerry World (NASDAQ: BBRY), Facebook (NASDAQ: FB), Firefox Marketplace, Google Play, Windows Phone Store (NASDAQ: MSFT) and major mobile brands including CNN, Cartoon Network and EA Mobile. Visit: bango.com

Important notice:

The distribution of this announcement and/or the transfer of the New Ordinary Shares in or into jurisdictions other than the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about and observe such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdiction. In particular, this announcement should not be distributed, forwarded to, or transmitted in or into the United States of America, Canada, Australia, New Zealand, Japan, the Republic of South Africa or the Republic of Ireland.

 

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