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Qonnectis plc (QTI)

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Thursday 29 July, 2010

Qonnectis plc

Result of Open Offer

RNS Number : 1160Q
Qonnectis plc
29 July 2010
 

29 July 2010

 

Qonnectis plc

("Qonnectis" or the "Company")

 

Result of Open Offer

 

On 7 July 2010, Qonnectis announced that it was proposing to raise approximately £1 million (before expenses) by way of an Open Offer to the Company's existing Shareholders, as part of the proposed acquisition of American Leak Detection, Inc., a proposed change of name to Water Intelligence plc and Admission of the Enlarged Share Capital to trading on AIM. Defined terms used in the announcement on 7 July 2010 shall have the same meanings in this announcement. 

 

The Company announces that at the closing date of the Open Offer (being 11 a.m. on 28 July 2010) the Company had received and has accepted valid applications from holders of Existing Ordinary Shares for an aggregate of 224,757 New Ordinary Shares, representing £168,567.75. 

 

In addition and as previously announced, Merchant Securities Limited, the Company's nominated adviser and broker, had procured sub-underwriting commitments in respect of 876,553 New Ordinary Shares, representing £657,414.75, and therefore the total gross proceeds from the Open Offer are £825,982.50, representing a take-up of 1,101,310 New Ordinary Shares (82.62 per cent.) of the total 1,332,946 New Ordinary Shares available.

 

The Open Offer is conditional upon, inter alia, the passing of the Resolutions at the general meeting of the Company, to be held at 10.00 a.m. today. An announcement relating to the result of the General Meeting and satisfaction of other conditions relating to the Acquisition and Admission will be released in due course.

 

ENQUIRIES

 

Qonnectis plc

 

Harry Offer, Non-Executive Chairman

Tel: +44 7887 753 341

Patrick DeSouza, Non-Executive Director

Tel: +1 203 654 5426

 

 

Merchant Securities Limited

 

Bidhi Bhoma/David Worlidge

Tel: +44 20 7628 2200

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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