Exercise of put option raisin

RNS Number : 7258O

Timestrip PLC

12 March 2009

 

Timestrip plc

('Timestrip' or the 'Company')

Exercise of put option raising £437,500

Further to the announcement on 28 July 2008 that the Company had entered into an unconditional put option agreement, to raise £437,500 through a placing of shares with Non Executive Director, Graham Platts (the 'Put Option'), the Company is pleased to announce that on 11 March 2009, the Put Option was exercised by the Company.

The exercise of the Put Option resulted in 53,030,303 new ordinary shares in the Company being issued to Graham Platts at a price of 0.825 pence per share, raising £437,500, which will strengthen the Company's balance sheet. The price of the new shares issued pursuant to this agreement is based on the average closing offer price over the 20 business days preceding the date of exercise. Application will be made for the 53,030,303 new ordinary shares to be admitted to trading on AIM and admission is expected on or before 15 April 2009.

Following the exercise of the Put Option, Graham Platts will hold a total of 78,030,303 ordinary shares in the Company representing approximately 17.1 per cent. of the total enlarged issued ordinary share capital of the Company.

The total enlarged issued share capital of the Company will be 456,109,042 following admission of the 53,030,303 new ordinary shares being issued pursuant to the Put Option. The Company holds no ordinary shares in treasury. Therefore, following the exercise of the put option, the total number of voting rights in the Company is 456,109,042. The above figure may be used by shareholders in determining whether they are required to notify their interest in, or a change to their interest in, the Company under the FSA's Disclosure and Transparency Rules. 

For more information, please contact:

Paul Freedman, Joint CEO        Timestrip                         01462 440 700

Geoff Nash                                  FinnCap, NOMAD        020 7600 1658

Marc Young

 

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