RNS Number : 1929K
12 July 2011
("Viridas" or the "Company")
Viridas, the AIM listed investing company (AIM:VIR), announces that the Company has raised an additional £500,000 before expenses, by way of a subscription for 125 million new ordinary shares of 0.1 pence each in the share capital of the Company (the "New Ordinary Shares") at a price of 0.4 pence per share (the "Subscription Price"). The Subscription Price represents a discount of 3.6 per cent. to the closing mid market share price on 11 July 2011 and a premium of 60 per cent. to the conversion price of 0.25 pence for each new ordinary shares issued on 18 May 2011.
The proceeds of the subscription will be used to increase cash reserves of the Company as the Board seeks to accelerate the implementation of Company's investment strategy.
Application will be made for admission of the New Ordinary Shares to trading on AIM which is expected to occur on 18 July 2011 ("Admission").
Following Admission, there will be 577,857,956 ordinary shares in issue. This number may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company.
Commenting on the subscription, Nicholas Lee, Chairman of Viridas, said:
"We are seeing an increasing number of interesting opportunities and it is important that your Company is in the best possible position to take advantage of these. Accordingly, your board has decided to take the opportunity to increase the Company's financial firepower at a small discount to the prevailing market price thereby minimising dilution to shareholders. Your board is very much focused on creating value for shareholders and looks forward to announcing the progress of its strategy in due course"
For more information please contact:
Viridas Plc: +44 (0)7973 616952
Nicholas Lee, Chairman
Nominated Adviser and Joint Broker: +44 (0) 20 7012 2000
Antonio Bossi / Paul Gillam
Joint Broker: +44 (0) 20 7562 3351
Rivington Street Corporate Finance
This information is provided by RNS
The company news service from the London Stock Exchange