Travelzest plc ("Travelzest" or the
"Company")
Proposals for
Placing of up to 114,170,000 New Ordinary Shares at 5 pence per
share
Approval of waivers of Rule 9 of the Takeover Code
Approval of authority to increase authorised share capital
Approval of the Management Incentive Arrangement
Approval of authorities to allot Ordinary Shares
Approval of adoption of new articles of association
The board of Travelzest today announces that it proposes to
raise approximately £5.7 million (before expenses) through
the issue of up to 114,170,000 New Ordinary Shares at 5 pence per
New Ordinary Share.
Key details:
- Placing to raise approximately £5.7 million at 5 pence
per New Ordinary Share. The Placing has not been underwritten.
- The Company has also entered into the Amended Facility
Agreement which is subject to, and conditional on, Admission.
- The Directors believe that it is unlikely that they would
obtain the necessary funding required to renegotiate its existing
Debt Facility from other sources.
- The New Ordinary Shares represent approximately 369 per cent.
of the Issued Share Capital.
- Admission of the New Ordinary Shares is expected to take place
on 1 September 2009.
It is expected that the Company will post a circular to
Shareholders today with details of the Proposals and giving notice
of the General Meeting, which is expected to be held on 28 August
2009.
For further information contact:
| Travelzest plc |
0207 887 1978 |
| Mark Molyneux / Jack Fraser / Peter Thomson |
|
| |
|
| Investec Investment Banking |
0207 597 5970 |
| Martin Smith/Duncan Williamson |
|
View the full
press release in PDF format [50 KB]
