A total of 125,000,000 Placing Shares have been conditionally placed at a price of 20 pence per Placing Share (the “Placing Price”), raising gross proceeds of £25 million (before expenses). The Placing Shares will represent approximately 20.4 per cent. of the Company’s enlarged issued ordinary share capital.

The Placing is conditional upon, amongst other things, the passing of Resolution 1 at the general meeting of the Company and the admission of the Placing Shares to trading on AIM. A circular is expected to be posted on 5 October 2017 (the "Circular") notifying shareholders of a general meeting for the purpose of considering the relevant resolutions at Bird & Bird LLP, 12 New Fetter Lane, London EC4A 1JP expected to be convened at 10.00 a.m. on 23 October 2017.

Substantial shareholder participation
Oppenheimer Funds has subscribed for 22,750,000 Placing Shares. Oppenheimer Funds is a related party of the Company for the purposes of the AIM Rules by virtue of their status as a substantial shareholder of the Company. Following the issue of the Placing Shares they will maintain their interest in approximately 18.2 per cent. of the enlarged issued share capital of the Company.

The Directors consider, having consulted with the Company's nominated adviser, N+1 Singer, that the terms of the participation by Oppenheimer Funds in the Placing is fair and reasonable insofar as the Company's shareholders are concerned.

Share capital following the placing and subscription
Application will be made for the Placing Shares to be admitted to trading on AIM. It is expected that Admission and settlement of the Placing Shares will occur at 8.00 a.m. on 24 October 2017.

Following admission of the Placing Shares, the Company’s enlarged issued share capital will comprise 613,190,409 Ordinary Shares with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change in the interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.

Save as otherwise defined, capitalised items used in this announcement have the meanings given to them in the announcement released by the Company yesterday at 4.43 p.m.

Hank Uberoi, Chief executive officer of Earthport commented: “We are very pleased to announce this placing which will enable us to capture the growing opportunities that are visible in our pipeline in Asia, in the e-commerce vertical and with existing clients. In addition, it will allow us to invest further in operating efficiencies and product development as volumes continue to grow. We truly appreciate the support of our existing shareholders and a number of new institutional investors."