Image Scan Announces Placing
Image Scan Holdings PLC
31 March 2005
Under strict embargo to: 0915 Thursday 31st March 2005
IMAGE SCAN ANNOUNCES £874,000 PLACING
AND 1:4 OPEN OFFER AT 7P PER SHARE
SUBJECT TO EGM CALLED FOR 25 APRIL 2005
Image Scan Holdings plc (AIM: IGE), a provider of leading real-time multi-view,
3D X-ray imaging solutions for the security and industrial inspection markets,
today announces the successful placing, subject to the passing of the relevant
resolutions at the EGM, of 12,486,313 shares at 7 pence with institutional
investors raising £874,042 before expenses for the Company.
The Company also announces that a further 4,833,907 New Ordinary Shares are to
be made available to existing shareholders by way of an Open Offer, looking to
raise a further £338,373 before expenses. The basis of the Open Offer will be
one Open Offer Share for every four Existing Ordinary Shares held.
A circular, setting out full details of the Placing and Open Offer, is being
posted to Image Scan Shareholders today, together with a copy of the Company's
Annual Report and Accounts for the year ended 30 September 2004.
The Placing and Open Offer follows a series of successful commercial
developments in the current financial year for Image Scan Holdings plc in the
security and industrial markets. These include the latest call-off of six
cameras in October 2004 under the agreement with Rapiscan for 150 units; a
£600,000 order from Johnson Matthey in December 2004; the launch of the MDXI
laboratory industrial inspection unit in February 2005; and the first export
order for an MDXI unit in March 2005.
Ian Johnson, Chairman of Image Scan Holdings plc, commented:
'The Board is excited by the opportunities the Group has and is encouraged by
the number and value of the enquiries and quotations currently being processed.
The Company is now seeing strong growth in commercial orders. To obtain maximum
benefit from this position the Company requires additional funds to support both
the on-going working capital requirements of the Group to finance these orders
as well as to finance specific additional actions including increasing the
Group's market presence in the industrial sector.'
It is expected that the Placing and Open Offer shares will be admitted to AIM on
28 April 2005 with dealings in the new ordinary shares commencing on that date,
subject to the passing of the relevant resolutions at the EGM called today by
the Company to take place at 3.00 pm on 25 April 2005 at Centurion House, 37
Jewry Street, London EC3N 2ER.
The Inland Revenue has indicated that the new ordinary shares should qualify for
EIS relief, where investors subscribe for a minimum £500. Indication has also
been given that the new ordinary shares should qualify for VCT Schemes.
Stockbroker to the Placing and Open Offer is Keith, Bayley, Rogers & Co. Limited
and the Nominated Adviser is ARM Corporate Finance Limited. Applications for the
Open Offer need to be returned to Keith, Bayley, Rogers & Co. Limited no later
than 3.00 pm Friday 22 April 2005.
About Image Scan Holdings plc
Image Scan Holdings plc (AIM: IGE) is focused on the development and
commercialisation of market leading real-time 3D and 2D x-ray solutions for use
in the global industrial and security inspection markets. The Company's
industrial inspection solutions include the MDXI unit and the in-line DEX camera
solutions. The Company's security inspection solutions feature the unique 3D
baggage inspection system, the AXIS-3D(R) marketed by Rapiscan as their 3DSP,
and the new PanDEX portable inspection unit for bomb disposal and other
explosives and ordnance detection applications.
For further information on the Company, please visit www.ish.co.uk, and for
further information on its products, please visit www.3dx-ray.com.
- ends -
Further Information:
Nicholas Fox (Chief Executive Image Scan Holdings) 01664 503 600
Howard Drummon (Keith, Bayley, Rogers & Co.) 020 7871 2232
Toby Hall/Jade Mamarbachi (gth media) 020 7153 8039/8035
This information is provided by RNS
The company news service from the London Stock Exchange
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