RNS Number : 1367W
  IT&e Limited
  06 June 2008
   


    6 June 2008
IT&e Limited

    Placement and loan

    IT&e Limited (ASX code: ITE, AIM: ITEL) (the "Company") announces that it has completed a placing of 17,500,000 ordinary fully paid
shares at A$0.04 per share to raise A$700,000. Additionally, the Company has entered into a loan agreement with directors and senior
management for A$160,000, convertible into ordinary shares at A$0.04 subject to certain conditions including shareholder approval.

    The funds raised will be used for additional working capital whilst the Company continues to finalise additional licenses with new and
prospective clients.

    Placement 

    The new ordinary shares are to be issued to existing shareholders of the Company including GBST Limited, UXC Limited and Hunter Hall
Limited. Details of the change in the shareholding of significant shareholders are set out below. The Company would like to thank these
shareholders for demonstrating their continuing support for the Company.

    Convertible Loan

    The Company has entered into a loan agreement with certain directors and senior management of the Company. The loan is convertible into
ordinary shares at A$0.04 per share and is unsecured, with interest being 1% above the ANZ published rate for overdrafts in excess of
$100,000, and have a maturity term of two years. 

    The amounts of the convertible loans from individual directors are set out as below:

    Director      Convertible loan amount
 James Maranis                    $20,000
 Simon Yencken                    $20,000
 Ellis Bugg                       $20,000
 Ralph Pickering                  $20,000
 Jane Yuile                       $20,000

    Significant Shareholders

    Further to the placing, the Company is aware of the following interests in the ordinary shares in the Company.

    GBST Limited acquired 8,750,000 new ordinary shares pursuant to the placement and has an interest in 43,825,473 ordinary shares in the
Company which represents 16.2% of the Company.

    UXC Limited acquired 6,875,000 new ordinary shares pursuant to the placement and has an interest in 34,935,695 ordinary shares in the
Company which represents 12.9% of the Company.

    Hunter Hall Limited acquired 1,875,000 new ordinary shares pursuant to the placement and has an interest in 23,771,885 ordinary shares
in the Company which represents 8.8% of the Company.

    Pursuant to the placement, 17,500,000 new ordinary shares in the Company have been issued.  Application will be made for these new
ordinary shares to be admitted to trading on AIM, which is expected to occur on 12 June 2008. Following the issue of these new ordinary
shares the Company has 271,307,425 fully paid ordinary shares in issue.

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    Enquiries/Additional Information:

    IT&e
    James Maranis - CEO: +61 2 9236 9427

    Grant Thornton Corporate Finance
    Fiona Owen: +44 20 7383 5100


    About IT&e Limited 

    IT&e is a technology company dual listed on the Australian Stock Exchange and AIM Market of the London Stock Exchange, specialised in
providing solutions to the global Financial Services markets.

    IT&e offers three flagship products, RAZORTM NextSetPTXTM and Monarque�, to financial institutions. RAZOR enables organisations to
effectively address their market, credit and liquidity risk management requirements, both on an enterprise and a departmental basis. Razor
clients include L.C.H.Clearnet Group, ANZ, HSBC, ASX, Federal Home Loan Bank, Pittsburgh, Man Group plc, RBC and Calyon New York. PTX
enables on-line trading of over the counter securities across multiple asset classes (Securities, Money Market, FX, etc.) PTX clients
include NAB and ANZ. Monarque supports trading and treasury management at major banks and broking houses, and comprises modules designed to
automate front-office functions. Monarque clients include Brown Brothers Harriman, Bear Stearns and the Chicago Mercantile Exchange.

    IT&e is headquartered in Sydney with offices in Melbourne, London, New York and Chennai, offering a highly skilled team of specialists,
providing technology services across the financial markets and risk management business areas. 

    For further information about IT&e please visit our website at http://www.ite-fs.com


This information is provided by RNS
The company news service from the London Stock Exchange
 
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