23 January 2008
("Vimio" or "the Company")
Issue of Equity
Vimio is pleased to announce that Mr. Abdulaziz Saud Abdulaziz Al Ammar of
Jeddah, Kingdom of Saudi Arabia, has agreed to subscribe for 8,600,000 new
ordinary shares in the capital of the company at a price of 8.5 pence per
share, an aggregate consideration of £731,000 before expenses.
Mr. Al Ammar is the owner of the Al Safarat International Group, based in
Jeddah, which has interests in security and protection services, travel and
tourism, fast food restaurants and cargo and industrial equipment supplies.
The agreement is conditional upon, inter alia, the following:
a. the acquisition by Mr. Al Ammar of a further 400,000 ordinary shares in the
capital of the Company from Sun Capita Investment LLC for an aggregate
consideration of £1,000,000;
b. Mr. Al Ammar entering into an assignment of the software licence agreement
("Licence Agreement") which was entered into by Vimio Plc and Riyada
Consulting on 28 April 2006 and the assumption of the obligations of Riyada
Consulting pursuant to the Licence Agreement and his irrevocable agreement
to make an immediate payment to Vimio Plc of £304,600 in part payment of
the outstanding amounts due pursuant to the Licence Agreement; and
c. The passing by Vimio's shareholders of all resolutions to be voted upon at
the forthcoming extraordinary general meeting of the Company authorising
the directors to allot such number of shares.
As a consequence of this agreement, the 50% interest held by Riyada Consulting
in Vimio Middle East will be transferred to Mr. Al Ammar. Upon completion of
the agreement, Mr. Al Ammar will be the beneficial owner of 9,000,000 ordinary
shares in the Company (approximately 26.01 % of the enlarged issued ordinary
A letter to shareholders, notice of extraordinary general meeting and form of
proxy will be posted to shareholders today
David McKenna (00) 353 1 865 2400 (00) 353 87 921 2022
John East & Partners Ltd.
Jeffrey Coburn / Simon Clements 0207 628 2200