Placing

RNS Number : 1991Z

K3 Business Technology Group PLC

17 September 2009

 

KBT

17 September 2009

K3 Business Technology Group plc 

('K3' or 'the Company')

Placing

The Board of K3, the IT solutions provider, is pleased to announce that Daniel Stewart has raised gross proceeds of £1,500,000, from the issue of 1,764,706 new ordinary shares of 25p each ('New Ordinary Shares') at a price of 85 pence per share (the 'Placing').  The placing price represents a 2.9 per cent. discount to the closing mid market price of 87.5 pence per ordinary share on 16 September 2009, being the last practicable date prior to the issue of this announcement.  

The stock has been placed with both new and existing institutional investors as well as K3 Directors. The proceeds of the Placing, which was oversubscribed, will be used to support K3's strategy of seeking complementary acquisitions and for working capital purposes. 

Andy Makeham (Chief Executive Officer), David Bolton (Chief Financial Officer) and Per Johan Claesson (Non-executive Director) have subscribed for 76,942, 114,500 and 347,500 Ordinary Shares respectively. Following admission of the New Ordinary Shares to trading, Andy Makeham, David Bolton and Per Johan Claesson will hold 836,081, 886,800 and 5,521,982 Ordinary Shares respectively, representing 3.28 per cent., 3.47 per cent. and 21.63 per cent. of the issued share capital of the Company.

Application has been made for the New Ordinary Shares to be admitted to trading on AIM and admission is expected to take place on 22 September 2009 ('Admission'). Following this, the Company will have 25,520,688 Ordinary Shares in issue, all carrying voting rights. The above 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 change to their interest in, K3 under the FSA's Disclosure and Transparency Rules.

Enquiries:

K3 Business Technology Group plc	Andy Makeham,  Chief Executive Officer	Tel: [phone]
	David Bolton, Chief Financial Officer	Tel: [phone]
Daniel Stewart & Co plc	Paul Shackleton	Tel: [phone]
Biddicks	Katie Tzouliadis	Tel: [phone]

 

END

 

 

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