PROACTIS Holdings PLC Directors' Subscription (7992F)
April 29 2014 - 9:59AM
UK Regulatory
TIDMPHD
RNS Number : 7992F
PROACTIS Holdings PLC
29 April 2014
Date: 29 April 2014
On behalf of: PROACTIS Holdings PLC ("PROACTIS" the "Company"
or "the Group")
PROACTIS Holdings PLC
Directors' Subscription
PROACTIS Holdings PLC ("PROACTIS"), the specialist Spend Control
software provider, is pleased to announce that Rodney Potts, Non
Executive Director, has subscribed for 1,300,000 ordinary shares of
10 pence each in the capital of the Company ("Ordinary Shares") at
a price of 50 pence per Ordinary Share, raising proceeds of
GBP650,000 for the Company and Alan Aubrey, Non Executive Chairman,
has subscribed for 100,000 Ordinary Shares at a price of 50 pence
per Ordinary Share, raising proceeds of GBP50,000 for the Company
("the Subscription").
The Subscription price is equal to the price at which Ordinary
Shares were issued in the recent Placing undertaken by the Company,
as announced on 18 March 2013. The funds arising from the
Subscription will be used by the Company to support the acquisition
strategy of the Group following the announcement earlier today of
the proposed acquisition of Intesource Inc. The Subscription is a
related party transaction pursuant to AIM Rule 13. The independent
directors, being Tim Sykes, Rod Jones and Sean McDonough, having
consulted with the Company's nominated adviser, finnCap Limited,
consider that the terms of the Subscription are fair and reasonable
insofar as the Company's shareholders are concerned.
Application has been made for 1,400,000 new Ordinary Shares,
which will rank pari passu in all respects with the existing
Ordinary Shares of the Company, to be admitted to trading on AIM
("Admission"). Admission is expected to be effective from 8.00 a.m.
on 5 May 2014. The Subscription is conditional upon, inter alia,
the new Ordinary Shares being admitted to trading on AIM.
Subsequent to the issue of the new Ordinary Shares, the total
issued share capital of the Company will be 37,711,373 Ordinary
Shares, with each share carrying the right to one vote. The Company
holds 63,777 Ordinary Shares in treasury. Accordingly, following
Admission, the total number of voting rights in the Company will be
37,647,596.
Following Admission, Rodney Potts will hold 8,867,830 Ordinary
Shares, representing 23.6 per cent. of the Company's total voting
rights and Alan Aubrey will hold 1,045,853 Ordinary Shares,
representing 2.8 per cent. of the Company's total voting
rights.
Enquiries:
PROACTIS Holdings PLC
Rod Jones, Chief Executive Officer Via Redleaf Polhill
Tim Sykes, Chief Financial Officer
Redleaf Polhill
Rebecca Sanders-Hewett
Jenny Bahr
Rachael Brown 0207 382 4730
finnCap Limited
Stuart Andrews
Charlotte Stranner 0207 220 0500
Notes to Editors:
PROACTIS creates, sells and maintains specialist software which
enables organisations to streamline, control and monitor all
internal and external expenditure, other than payroll. PROACTIS is
used in over 400 organisations around the world from the
commercial, public and not-for-profit sectors.
PROACTIS is head quartered in Wetherby, West Yorkshire. It
develops its own software using an in-house team of developers and
sells through both direct and indirect channels via a number of
Accredited Channel Partners.
PROACTIS floated on the AIM market of the London Stock Exchange
in June 2006.
CLOUD COMPUTING is defined as location-independent computing,
whereby shared servers provide resources, software, and data to
computers and other devices on demand, as with the electricity
grid.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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