Issue of Equity - REPLACEMENT

RNS Number : 2145Q

Bright Things plc

06 April 2009

 



Bright Things plc

('Bright Things' or the 'Company')

ISSUE OF EQUITY - REPLACEMENT

The following announcement replaces the RNS made on 3 April 2009 with RNS number 0491Q. Dominic Wheatley has subscribed for 4,800,000 of the 60,040,000 new ordinary shares in the Company, as opposed to 4,000,000 as originally stated.

The full text of the announcement is set out below:

The Directors of Bright Things plc are pleased to announce that the Company has raised £750,500 (before expenses) through the placing of 60,040,000 new ordinary shares of 1 penny each in the capital of the Company ('Ordinary Shares') at 1.25 pence per share ('Placing Price') (the 'Placing'). 

Details of the Placing

Pursuant to the powers granted to the Directors at the Extraordinary General Meeting of the Company, held on 30 March 2009, the 60,040,000 new Ordinary Shares ('Placing Shares') have been conditionally placed by HB Corporate with investors and Directors at a price of 1.25p per share to raise £750,500 (before expenses). The Placing Shares will represent approximately 30.68 per cent. of the Company's enlarged issued share capital following completion of the Placing.

The purpose of the funds raised is to provide additional working capital for the Company as it looks to expand the reach and potential market for its SocialGO product. Additionally, it will be used to recruit sales and marketing personnel as well as improving the back office and server capabilities. 

The Placing shares will, when issued and fully paid, rank pari passu in all respects with the existing issued Ordinary Shares. Application has been made for the Placing Shares to be admitted to AIM. The Placing is conditional, inter alia, on the admission of the Placing Shares to AIM becoming effective ('Admission'), which is expected to occur on 8 April 2009, when dealings in the Placing Shares are expected to commence. 

Following Admission the Company will have 195,716,328 Ordinary Shares in issue.

Director Dealing 

Dominic Wheatley (Chief Executive), Charles Delamain, Ian Livingstone  (Chairman) and Edward Levey have subscribed for the following number of Placing Shares pursuant to the Placing:

Director	Number of Placing shares	% of total Placing shares
Dominic Wheatley	4,800,000	7.99
Ian Livingstone	2,800,000	4.66
Charles Delamain	8,000,000	13.32
Edward Levey	240,000	0.4

Immediately following Admission, the Directors will hold interests in the issued ordinary share capital of the Company as follows: 

Director	Total Number of shares in the Company	% of total issued ordinary share capital
Dominic Wheatley	29,005,102	14.81
Ian Livingstone	8,105,556	4.14
Charles Delamain	12,000,000	6.13
Edward Levey	240,000	0.12

The issue of Placing Shares to these Directors is classified as a transaction with a related party for the purposes of the AIM Rules. In accordance with the AIM Rules, the Company's Nominated Adviser, HB Corporate, and Matthew Tims, as independent director in respect of this transaction (having consulted with HB Corporate) considers that the terms of the Placing are fair and reasonable insofar as the Company's shareholders are concerned.

For further information please contact:

Bright Things PLC                               0845 299 7289

Dominic Wheatley, CEO

Edward Levey, Finance Director

HB Corporate

Luke Cairns/ Rory Creedon                020 7510 8600

Threadneedle Communications            020 7653 9850
Graham Herring 
Alex White

 

END

 

 

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