Placing

RNS Number : 1293X

Imaginatik PLC

10 August 2009

 



10 August 2009

Imaginatik plc

('Imaginatik' or the 'Company')

Placing to raise approximately £1.576 million

Imaginatik plc (AIM: IMTK), a leading provider of enterprise collaborative software and processes, announces that it has conditionally raised approximately £1.576 million through a placing of 26,266,666 new ordinary shares of 0.0625p each (the 'Placing Shares') at a price of 6 pence per share (the 'Placing').  The Company intends that the net proceeds of the Placing will be used to provide the Company with the resources to pursue its growth plans and for general working capital purposes.

The Placing Shares have been conditionally placed by Arbuthnot Securities Limited ('Arbuthnot') with institutional and other investors. Application will be made to London Stock Exchange plc for the Placing Shares to be admitted to trading on AIM. Subject, inter alia, to admission of the Placing Shares to AIM becoming effective, dealings in the Placing Shares are expected to commence on AIM at 8.00 a.m. on 13 August 2009. The Placing Shares represent approximately 20 per cent. of the Company's existing issued share capital and will, when issued, represent approximately 16.5 per cent. of the Company's enlarged share capital. Following Admission, the Company will have 159,186,376 Ordinary Shares in issue.

Pursuant to the terms of the placing agreement, Arbuthnot, as agent for Imaginatik, has agreed to use its reasonable endeavours to place the Placing Shares with investors procured by it. The Placing is not underwritten. The Placing Price of 6 pence per Placing Share represents a discount of approximately 4 per cent. to the closing mid-market price of 6.25 pence per ordinary share on 7 August 2009, being the last dealing day prior to the date of this announcement.

The issue of the Placing Shares is conditional, amongst other things, on:

(i)    admission to trading on AIM of the Placing Shares; and

(ii)    the Placing Agreement not being terminated prior to Admission.

The Placing Agreement contains warranties given by the Company with respect to its business and certain matters connected with the Placing. In addition, the Company has given certain indemnities to Arbuthnot in connection with the Placing and Arbuthnot's performance of services in relation to the Placing.

Mark Turrell, CEO of Imaginatik, commented, 'We are delighted to have secured this additional funding from new and existing investors. With the Placing oversubscribed, this is a very strong endorsement of the potential of Imaginatik, leaving us well positioned to pursue our growth strategy. Our pipeline continues to grow, which combined with our strong levels of recurring revenue, gives us confidence in our ability to capitalise on our market leading position.' 

For further information, please contact:

Imaginatik plc	020 7917 2975
Mark Turrell, CEO
Shawn Taylor, CFO
Arbuthnot Securities Limited	020 7012 2000
Tom Griffiths/Richard Johnson/ Niamh Corbett
ICIS	020 7651 8688
Caroline Evans-Jones/ Hilary Millar

About Imaginatik

Imaginatik is a leading provider of web-based enterprise collaboration software. Imaginatik's core software, Idea Central, is designed to help companies focus on idea generation towards strategic business objectives, and to share, develop and review those ideas across the organisation. Some of the world's largest organisations such as Merck, Dow, Chevron, General Electric and Cargill use Imaginatik's software, consulting and leading-edge research to enable their best-of-breed innovation, cost-reduction and process improvement activities.

Having been named as a World Economic Forum Technology Pioneer and a finalist for the IBM Lotus Awards in the Best Industry Solution category, Imaginatik's software and consulting services have helped clients discover significant sources of additional revenue, as well as tangible cost savings. Imaginatik is also committed to developing strategic solutions in the field of innovation, working with academic institutions such as the Hult Business School in Boston, and the Cass School of Business, London, as well as leading practitioners of corporate innovation.

For further information please visit http://www.imaginatik.com

 

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