VOSS NET PLC
13 October 1999
Voss Net plc ('Voss Net')
Result of Open Offer
On 21 September 1999, the Board of Voss Net announced the terms of an Open Offer
of 1,298,827 New Ordinary Shares at 60p per share to raise £780,000 (before
expenses) of new equity capital to repay debt and provide working capital.
The Board of Voss Net is pleased to announce that by 3.00pm on 12 October 1999,
being the latest time and date for receipt of Application Forms and payment in
full under the Open Offer, 743,719 New Ordinary Shares representing 57.3% of the
total number of New Ordinary Shares offered via the Open Offer, had been applied
for by Qualifying Shareholders or placed firm by Seymour Pierce. In addition,
Jeremy Gilbert, the proposed chief executive, has sub-underwritten 166,667 New
Ordinary Shares through his pension fund. The remaining 388,441 New Ordinary
Shares have been sold by Seymour Pierce pursuant to the Underwriting Agreement
The New Ordinary Shares will rank pari passu with the existing ordinary shares
of the Company. Application has been made for the shares to be admitted to
trading on AIM.
The Open Offer is conditional on the passing of the relevant resolution at the
Annual General Meeting of Voss Net to be held at 11.00am on 14 October 1999.
For further information please contact:
Voss Net plc
Roger Carter, Chairman 01753 737800
Richard Feigen 0171 648 8700