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Mobile Tornado Group Plc Proposes Placing of 20,000,000 new Ordinary Shares

Friday, 2 Aug 2013 01:25pm EDT 

Mobile Tornado Group Plc announced that it intends to raise GBP4.0 million (before fees and expenses) through an underwritten placing of 20,000,000 new Ordinary Shares with new institutional investors at a price of GBP0.20 per new Ordinary Share. The Placing Price represents an approximate 2.4% discount to the Closing Price of GBP0.205 per Existing Ordinary Share on August 1, 2013 (being the last Business Day prior to the announcement of the Placing). The Placing is conditional, inter alia, upon the Company obtaining approval from its Ordinary Shareholders to grant the Board authority to allot the Placing Shares and to disapply statutory pre-emption rights which would otherwise apply to the allotment of the Placing Shares. The Placing, which has been fully underwritten by Investec, is also conditional upon Admission. 

Company Quote

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26 Sep 2014