Placing
24 Juli 2003 - 6:31PM
UK Regulatory
RNS Number:9477N
Focus Solutions Group PLC
24 July 2003
24 July 2003
FOR IMMEDIATE RELEASE
Focus Solutions Group plc
Placing
The Directors of Focus Solutions Group plc ("Focus" or the "Company") are
delighted to announce that the Company today placed 1,283,730 ordinary shares of
10p each ("Placing Shares") with certain directors, employees and existing
institutional investors at a price of 24.5 p per share (the "Placing").
The Placing Shares represent approximately 5.0% of the Company's current issued
ordinary share capital. The Company will also seek to receive shareholder
approval to renew its authority to allot equity securities for cash over a
similar level of the Company's ordinary share capital at its Annual General
Meeting to be held later today. The Company intends to use this authority
tomorrow to place a further 1,280,000 shares (the "Subsequent Placing Shares")
with existing institutional shareholders at 24.5 pence per share (the
"Subsequent Placing").
In addition to increasing the extent of share ownership amongst employees of the
Company the proceeds of the Placing and the Subsequent Placing, which, net of
expenses, will be approximately #620,000, will be used by the Company to provide
the Company with additional headroom which the Directors consider to be prudent
for a company at Focus' stage of development.
As a result of the Placing and Subsequent Placing certain of the Directors have
increased their shareholdings in the Company as follows:
Name No. of Placing Shares No of Ordinary Shares held % of issued share capital
acquired following the Placing and following the Placing and
Subsequent Placing Subsequent Placing
Martin Clements 100,680 100,680 0.36%
Alastair Taylor 40,000 40,000 0.14%
Lin Johnstone 20,400 50,400 0.18%
Martin Fiennes 3,506 73,634 0.26%
Mark Thelwell 20,408 578,972 2.05%
Application has been made for the Placing Shares and the Subsequent Placing
Shares to be admitted to trading on the Alternative Investment Market of The
London Stock Exchange and dealings are expected to commence on 30th July 2003.
For further information, please contact:
Focus Solutions Group plc 01926 468 300
John Streets
Martin Clements
Citigate Dewe Rogerson 020 7638 9571
Chris Barrie
Sara Batchelor
This information is provided by RNS
The company news service from the London Stock Exchange
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