Placing
August 10 2009 - 2:00AM
UK Regulatory
TIDMIMTK
RNS Number : 1293X
Imaginatik PLC
10 August 2009
10 August 2009
Imaginatik plc
("Imaginatik" or the "Company")
Placing to raise approximately GBP1.576 million
Imaginatik plc (AIM: IMTK), a leading provider of enterprise collaborative
software and processes, announces that it has conditionally raised approximately
GBP1.576 million through a placing of 26,266,666 new ordinary shares of 0.0625p
each (the "Placing Shares") at a price of 6 pence per share (the "Placing").
The Company intends that the net proceeds of the Placing will be used to provide
the Company with the resources to pursue its growth plans and for general
working capital purposes.
The Placing Shares have been conditionally placed by Arbuthnot Securities
Limited ("Arbuthnot") with institutional and other investors. Application will
be made to London Stock Exchange plc for the Placing Shares to be admitted to
trading on AIM. Subject, inter alia, to admission of the Placing Shares to AIM
becoming effective, dealings in the Placing Shares are expected to commence on
AIM at 8.00 a.m. on 13 August 2009. The Placing Shares represent approximately
20 per cent. of the Company's existing issued share capital and will, when
issued, represent approximately 16.5 per cent. of the Company's enlarged share
capital. Following Admission, the Company will have 159,186,376 Ordinary Shares
in issue.
Pursuant to the terms of the placing agreement, Arbuthnot, as agent for
Imaginatik, has agreed to use its reasonable endeavours to place the Placing
Shares with investors procured by it. The Placing is not underwritten. The
Placing Price of 6 pence per Placing Share represents a discount of
approximately 4 per cent. to the closing mid-market price of 6.25 pence per
ordinary share on 7 August 2009, being the last dealing day prior to the date of
this announcement.
The issue of the Placing Shares is conditional, amongst other things, on:
(i)admission to trading on AIM of the Placing Shares; and
(ii) the Placing Agreement not being terminated prior to Admission.
The Placing Agreement contains warranties given by the Company with respect to
its business and certain matters connected with the Placing. In addition, the
Company has given certain indemnities to Arbuthnot in connection with the
Placing and Arbuthnot's performance of services in relation to the Placing.
Mark Turrell, CEO of Imaginatik, commented, "We are delighted to have secured
this additional funding from new and existing investors. With the Placing
oversubscribed, this is a very strong endorsement of the potential of
Imaginatik, leaving us well positioned to pursue our growth strategy. Our
pipeline continues to grow, which combined with our strong levels of recurring
revenue, gives us confidence in our ability to capitalise on our market leading
position."
For further information, please contact:
+--------------------------------------+-----------------------------------+
| Imaginatik plc | 020 7917 2975 |
| | |
+--------------------------------------+-----------------------------------+
| Mark Turrell, CEO | |
+--------------------------------------+-----------------------------------+
| Shawn Taylor, CFO | |
| | |
+--------------------------------------+-----------------------------------+
| | |
+--------------------------------------+-----------------------------------+
| Arbuthnot Securities Limited | 020 7012 2000 |
| | |
+--------------------------------------+-----------------------------------+
| Tom Griffiths/Richard Johnson/ | |
| Niamh Corbett | |
| | |
+--------------------------------------+-----------------------------------+
| | |
+--------------------------------------+-----------------------------------+
| ICIS | 020 7651 8688 |
| | |
+--------------------------------------+-----------------------------------+
| Caroline Evans-Jones/ Hilary Millar | |
| | |
+--------------------------------------+-----------------------------------+
About Imaginatik
Imaginatik is a leading provider of web-based enterprise collaboration software.
Imaginatik's core software, Idea Central, is designed to help companies focus on
idea generation towards strategic business objectives, and to share, develop and
review those ideas across the organisation. Some of the world's largest
organisations such as Merck, Dow, Chevron, General Electric and Cargill use
Imaginatik's software, consulting and leading-edge research to enable their
best-of-breed innovation, cost-reduction and process improvement activities.
Having been named as a World Economic Forum Technology Pioneer and a finalist
for the IBM Lotus Awards in the Best Industry Solution category, Imaginatik's
software and consulting services have helped clients discover significant
sources of additional revenue, as well as tangible cost savings. Imaginatik is
also committed to developing strategic solutions in the field of innovation,
working with academic institutions such as the Hult Business School in Boston,
and the Cass School of Business, London, as well as leading practitioners of
corporate innovation.
For further information please visit http://www.imaginatik.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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