7.8 million raised through Placing


 

TIDMASTO 
 
RNS Number : 5981V 
AssetCo PLC 
14 July 2009 
 

Embargoed for release: 7:00am, 14 July 2009 
 
 
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, 
PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED 
STATES OF AMERICA, AUSTRALIA, CANADA OR JAPAN OR ANY JURISDICTION IN WHICH SUCH 
PUBLICATION OR DISTRIBUTION IS UNLAWFUL. 
 
 
 
AssetCo plc 
 
 
("AssetCo" or "the Company" or "the Group") 
 
 
GBP7.8 million raised through Placing 
 
 
AssetCo (AIM: ASTO), the integrated support services provider, announces that 
the Company has raised GBP7.8 million (before expenses) by way of a placing by 
Arden Partners plc ("Arden Partners") of 17,333,334 new ordinary shares of 
25 pence each in the capital of the Company (the "Placing Shares") with 
institutional and other investors at a price of 45 pence per share (the "Placing 
Price") (the "Placing"). The Placing is being underwritten by Arden Partners. 
The Placing Price is at a discount of 27.4 per cent. to the middle market price 
of the ordinary shares of the Company as derived from the daily Official List of 
the London Stock Exchange on 13 July 2009, the latest date prior to this 
announcement. 
 
 
The Placing is conditional, inter alia, upon the Company obtaining approval 
from its shareholders to increase the authorised share capital of the Company, 
to receive authority to allot shares and to disapply statutory pre-emption 
rights. AssetCo will be sending a circular to shareholders on or around 14 July 
2009 (the "Circular") convening a general meeting of the Company to be held 
at 10.00 a.m. on or around 30 July 2009 at the offices of Nabarro LLP, Lacon 
House, 84 Theobald's Road, London WC1X 8RW, at which the resolutions will be 
proposed for approval. 
The Placing is further conditional on admission of the Placing Shares to trading 
on the AIM market of the London Stock Exchange ("Admission") taking place on 31 
July 2009 (or on a date not later than August 2009 at the latest). It is 
expected that Admission will occur, and dealings in the Placing Shares will 
begin, at 8.00 a.m. on 31 July 2009. 
 
 
The Placing represents approximately 23.6 per cent. of the existing issued share 
capital of AssetCo. The Placing Shares will, when issued, rank pari passu in all 
respects with the existing issued shares of AssetCo, including the right to 
receive any dividends and other distributions declared. 
 
 
Directors John Shannon and Frank Flynn are participating in the Placing 
in respect of 777,777 Placing Shares and 222,222 Placing Shares respectively. 
Upon completion of the Placing, Mr. Shannon will be beneficially interested in 
an aggregate of 27,741,104 ordinary shares of 25p each in the capital of the 
Company representing 30.58 per cent. of the enlarged issued share capital and 
Mr. Flynn will be beneficially interested in an aggregate of 7,447,222 ordinary 
shares of 25p each in the capital of the Company representing 8.21 per cent. of 
the enlarged issued share capital. 
 
 
The Company has received irrevocable undertakings from all of the directors to 
vote, or to procure the votes of Ordinary Shares held, in favour of the 
Resolutions in respect of a total of 34,842,173 Ordinary Shares representing 
approximately 47.48 per cent. of the existing ordinary share capital of AssetCo. 
Commenting on the Placing, Mr. John Shannon, Chief Executive, said: 
 
 
"We are delighted with the strong support from our existing investors and new 
investors. The proceeds from the Placing will be used towards implementing the 
5-year contract we announced yesterday with the London Fire and Emergency 
Planning Authority for the provision of an Emergency Fire Crew Capability 
Service to the London Fire Brigade, as well as to help us accelerate the 
delivery and implementation of our solution to other Fire and Rescue 
Authorities." 
 
 
 
 
For further information please contact: 
 
 
AssetCo plc 
                        +44 (0)20 8515 3999 
John Shannon, Chief Executive Officer 
Frank Flynn, Finance Director 
James Collins, Investor Relations 
 
 
Arden Partners plc              +44 (0)20 7398 1632 
Richard Day 
Adrian Trimmings 
 
 
Pelham 
           +44 (0)20 7337 1500 
Alex Walters 
Francesca Tuckett 
 
 
 
 
This announcement is for information purposes only and does not constitute 
an offer to sell or an invitation to subscribe for or a solicitation of an offer 
to buy or subscribe for any securities in any jurisdiction including in which 
such an offer or solicitation is unlawful and is not for distribution in or 
into, without limitation, the United Kingdom, the United Sates, Canada, 
Australia or Japan (the "Excluded Territories"), or to US persons (within the 
meaning of Regulations of the United States Securities Act 1933 (as amended) 
(the "Securities Act"). 
The Placing Shares have not been and will not be registered under the 
Securities Act or under the applicable securities laws of any state in the 
United States or any Excluded Territory and, unless an exemption under such act 
or laws is available may not be offered for sale or subscription or sold or 
subscribed directly or indirectly within the Excluded Territories or for the 
account or benefit of any national, resident or citizen of the Excluded 
Territories. No public offering of securities will be made in the United States. 
The distribution of this announcement in other jurisdictions may be restricted 
by law and therefore persons into whose possession this announcement comes 
should inform themselves about and observe any such restrictions. Any failure 
to comply with these restrictions may constitute a violation of the securities 
laws of such jurisdictions. 
Arden Partners, which is authorised and regulated by the Financial Services 
authority, is acting exclusively for AssetCo and for no one else in 
connection with the book building and the Placing and will not be responsible to 
anyone other than AssetCo for providing the protections afforded to clients of 
Arden nor for providing advice in relation to the Placing or the book building 
or any other matters referred to in this announcement. 
The contents of this announcement are not to be construed as legal, financial 
or tax advice. If necessary, each recipient of this announcement should consult 
his, her or its own legal adviser, financial adviser or tax adviser for 
legal, financial or tax advice. 
This announcement contains certain statements that are or may be 
"forward-looking statements". These statements typically contain words such as 
"intends", "expects", "anticipates", "estimates" and words of similar import. 
All the statements other than statements of historical facts included in this 
announcement, including, without limitation, those regarding AssetCo's financial 
position, business strategy, plans and objectives of management for future 
operations (including development plans and objectives relating to AssetCo's 
products and services) are forward-looking statements. By their nature, 
forward-looking statements involve risk and uncertainty because they relate to 
events and depend on circumstances that will occur in the future and 
therefore undue reliance should not be placed on such forward-looking 
statements. There are a number of factors that could cause the actual results, 
performance or achievements of AssetCo or those markets and economies to be 
materially different from future results, performance or achievements expressed 
or implied by such forward-looking statements. Such forward-looking statements 
are based on numerous assumptions regarding AssetCo's present and future 
business strategies and the environment in which AssetCo will operate in the 
future and such assumptions may or may not prove to be correct. Forward-looking 
statements speak only as at the date they are made. Neither AssetCo nor Arden 
nor any other person undertakes any obligation (other than, in the case of 
AssetCo, pursuant to the AIM Rule of the London Stock Exchange) to update 
publicly any of the information contained in this announcement, including any 
forward-looking statements, in the light of new information, change in 
circumstances or future events. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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