Knowledge Technology Solutions PLC (KTS or the Company) today announces that 28,571,430 new Ordinary Shares of 0.1p each have been conditionally placed with institutional and other investors at a price of 7.0 pence per share. Once completed, this placing will raise approximately £1.9 million net of expenses for the Company.
These 28,571,430 new Ordinary Shares of 0.1 pence each will rank pari passu with all other Ordinary Shares now in issue. Application has been made for these new shares to be admitted to trading on AIM and admission is expected to occur on 27 May 2004.
The net proceeds of the placing will be used to:
- Accelerate the roll-out of ktsMarketTerminal, the international live financial news and data service, which was launched on 20 May 2004; and
- Strengthen the Company’s working capital position.
The placing is conditional upon admission of the new shares becoming effective on or before 27 May 2004 (or such later date as the Company and KBC Peel Hunt Ltd may agree, being no later than 4 June 2004).
Following admission, the enlarged issued share capital of the Company will be 148,014,732 Ordinary Shares of 0.1p each.
KTS Chief Executive, Dr Marc Pinter-Krainer, said:
"Following the recent successful launch of ktsMarketTerminal, our international live financial news and data service, the new funds provide KTS with additional financial strength to accelerate its roll out. We are very pleased to welcome our new shareholders."