TIDMIMTK
RNS Number : 0479F
Imaginatik PLC
11 June 2012
11 June 2012
Imaginatik Plc
("Imaginatik" or the "Company")
PROPOSED PLACING AND NOTICE OF GENERAL MEETING
Imaginatik plc (AIM: IMTK.L), the world's first full service
innovation provider offering a range of technology products and
consultancy, announces that it is proposing to raise up to
GBP1million before expenses through a conditional placing of up to
333,333,333 new ordinary shares (the "Placing Shares") with
institutional and other investors at a price of 0.3p per Placing
Share (the "Placing"). The Company has received irrevocable
commitments to subscribe for 285,833,333 Placing Shares and
expressions of interest from certain Directors of the Company to
subscribe for a further 47,500,000 Placing Shares in the Placing on
the same terms. The Placing is being arranged by Northland Capital
Partners Limited ("Northland") subject to the terms of a
conditional agreement between the Company and Northland (the
"Placing Agreement")
The Placing Shares will represent approximately 39 per cent. of
the enlarged issued share capital of the Company.
Use of proceeds
Subject to the Placing Agreement becoming unconditional and not
being terminated in accordance with its terms, the Placing will
raise up to GBP1 million before the deduction of expenses payable
by the Company. The net proceeds will be used to expand the
Company's US based sales team, to add consultancy capacity in both
the US and European markets, to further invest in the Company's
technology and further develop its branding and marketing
efforts.
Matt Cooper, Chairman of Imaginatik, commented:
"We are delighted with the support from new and existing
investors. These funds will enable us to complete the transition
from a software provider to the world's first full service
innovation company and give us the platform from which to
capitalise on this unique position in the market."
Related party transactions
The following shareholders, each of whom is a related party for
the purposes of the AIM Rules by virtue of the extent of their
interests in the existing ordinary shares, has agreed to subscribe
for Placing Shares at the Placing Price as follows:
Percentage
of existing Percentage
ordinary Number of issued
shares of Placing ordinary
held Placing Shares shares
prior participation to be after
to the acquired Completion
Placing
------------------- ------------- --------------- ------------ ------------
Artemis
Investment
Management 15.37 GBP125,000 41,666,667 13.68
------------------- ------------- --------------- ------------ ------------
Octopus
Asset Management 12.84 GBP50,000 16,666,667 9.37
------------------- ------------- --------------- ------------ ------------
The Board, other than Matt Cooper who as chairman of Octopus
Asset Management is not independent for the purpose of the AIM
Rules, considers, having consulted with the Company's Nominated
Adviser, Northland Capital Partners Limited, that the participation
in the Placing by Artemis Investment Management and Octopus Asset
Management is in each case fair and reasonable so far as the
shareholders of the Company are concerned.
Notice of General Meeting
The Placing is conditional, inter alia, on the approval of
Imaginatik's shareholders and admission of the Placing Shares to
trading on AIM. A circular containing a notice of the General
Meeting is today being sent to Imaginatik's shareholders with
details of the Placing and seeking the necessary approval of
shareholders for the issue of the Placing Shares. The General
Meeting will be held at the offices of Marriott Harrison, Staple
Court, 11 Staple Inn Buildings, London WC1V 7QH at 11.00am on
Wednesday 27 June 2012. A copy of the circular will be available on
the Company's website; www.imaginatik.com.
The Placing Shares will be issued credited as fully paid and
will rank pari passu in all respects with the existing ordinary
shares, including the right to receive all dividends and other
distributions declared on or after the date on which they are
issued.
Application will be made for admission of the Placing Shares to
trading on AIM ("Admission") and, subject to the requisite
shareholder approval for the Placing being obtained at the General
Meeting, it is expected that Admission will be effective on or
around 8.00 am on 28 June 2012.
For further information please contact:
Imaginatik plc Tel: 020 7917 2975
Matt Cooper, Chairman / Shawn Taylor, CFO
Northland Capital Partners Limited Tel: 020 7796 8800
Gavin Burnell / Edward Hutton
John Howes / Alice Lane (Broking)
Newgate Threadneedle Tel: 020 7653 9850
Caroline Evans-Jones / Hilary Millar
About Imaginatik
Imaginatik provides a range of Innovation solutions comprised of
consultancy, enterprise software and program management to deliver
innovation results to companies such as The World Bank, NYSE, The
Chubb Group of Insurance Companies, Boeing, Pfizer, Goodyear,
Paccar, Kellogg and Cargill. Few companies possess the internal
capability to consistently generate fresh ideas, identify those
worth pursuing and reliably transform them into real,
value-enhancing assets. Imaginatik's mission is to help these
companies build sustainable innovation competencies.
Imaginatik is a public company whose shares are traded on the
AIM market of the London Stock Exchange (LSE:IMTK.L) and is a World
Economic Forum Technology Pioneer with offices in Boston, MA, and
Winchester, UK. For more information visit www.imaginatik.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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