West 175 Media Group Inc
15 August 2000
WEST 175 MEDIA GROUP INC:
£11M SHARE PLACING COMPLETES FUND-RAISING PROGRAMME
West 175 Media Group Inc. ('West 175' or the 'Company'), the lifestyle media
group listed on AIM, announced today that Altium Capital, its Nominated
StockBroker, has placed 7,333,334 new ordinary shares in West 175 with
institutional and other clients at 150p per share, raising net proceeds of £11
million for the Company.
Application will be made for the new Ordinary Shares, which will rank pari
passu in all respects with the Company's existing issued Ordinary Shares, to
be admitted to trading on AIM. It is expected that admission will become
effective, and that dealings in the new Ordinary Shares will commence on
Thursday, 17 August 2000.
The proceeds from the Placing, which completes West 175's current fund-raising
programme, will be used to fund West 175's active corporate development
programme as well as its future working capital requirements. In particular,
the Company is currently investing in the expansion of its internet
activities, which include Actrix, New Zealand's longest-established Internet
Service Provider, and Central Park Interactive, New Zealand's leading
interactive retail chain, in which West 175 yesterday announced the
acquisition of an equity interest.
Although the Company will continue to review opportunities to enhance
shareholder value where available, the Board confirms that it now has adequate
resources to meet all its funding requirements for the foreseeable future.
Commenting on the Placing, Rohan Courtney, Chairman of West 175, said: 'We are
now in a position to press on with all our exciting development plans without
needing to seek more funds. At the same time I am delighted to welcome a
number of significant new investors, while being very encouraged that many of
our existing institutional shareholders have increased their commitment to
West 175. I look forward with confidence to an exciting twelve months ahead.'
Rohan Courtney, Chairman, West 175 Media Group Inc 020 8398 7175
Mobile: 07879 498 544
Mike Tate, Binns & Co. 020 7786 9600
West 175 Media Group Inc. is a world-wide media company specialising in all
aspects of lifestyle broadcasting, programmed production, merchandising,
publishing and live events. Its activities are concentrated in the United
States, UK and New Zealand, and it employs some 200 people worldwide.
The Company's activities extend from the production of corporate and public
live events, television and consumer programme production and broadcasting to
product fulfilment, merchandising, publishing, e-commerce and Internet service