Torotrak plc ('Torotrak' or the 'Company') today announces the successful
fundraising via a Firm Placing and Open Offer of £6.75m net of expenses as
detailed below.
Results of Open Offer
The Open Offer closed at 11.00 a.m. on 10 August 2007. Valid applications have
been received under the Open Offer in respect of 11,504,319 Open Offer Shares,
comprising 4,115,066 Open Offer Shares pursuant to entitlements under the Open
Offer and further excess applications representing 7,389,253 Open Offer Shares.
The Open Offer (including excess applications) was therefore oversubscribed by
approximately 97%.The full amount of Excess applications will be scaled back
pro rata and will be satisfied as to approximately 23% of each valid excess
application received.
The Open Offer forms part of the Issue, together with the Firm Placing of
20,333,333 New Ordinary Shares placed with institutional and other investors. A
total of 26,182,153 New Ordinary Shares are being issued pursuant to the Issue.
The Issue remains conditional on admission of the New Ordinary Shares
('Admission') and it is expected that Admission and dealings in the New Ordinary
Shares will commence at 8.00 a.m. on 14 August 2007.
Results of EGM
At an Extraordinary General Meeting held at 12 a.m. today, Monday 13 August
2007, called to approve the Firm Placing and Open Offer announced on 19 July
2007, all resolutions which were set out in the Notice of Extraordinary Meeting
were duly passed.
Commenting, Dick Elsy, Torotrak's Chief Executive, said 'We have raised the full
£6.75 million net of expenses to accelerate the development of our business. We
are particularly pleased that the Open Offer to Shareholders was almost twice
subscribed. It is a great vote of confidence in Torotrak and our plan to
accelerate growth.'
Certain terms used in this announcement are defined and have the same meaning as
in Torotrak's prospectus dated 19 July 2007, unless the context requires
otherwise.
Enquiries:
Torotrak plc +44 (0) 1772 900 938
Dick Elsy, Chief Executive
Jeremy Deering, Finance Director
PricewaterhouseCoopers LLP (Sponsor) +44 (0) 161 245 2461
Colin Gillespie
Richard Pulford
Arbuthnot Securities Limited (Broker) +44 (0) 207 012 2000
Ian Williams
Richard Dunn
Tavistock Communications (PR adviser) +44 (0) 207 920 3150
Simon Hudson
Lulu Bridges
Total Voting Rights
In conformity with the FSA's Disclosure and Transparency Rules, the Company
notifies the following:
Following Admission of the Firm Placing and Open Offer Shares, the Company's
issued share capital shall consist of 146,082,973 ordinary shares with a nominal
value of 10p each, with voting rights ('Ordinary Shares'). The Company does
not hold any Ordinary Shares in Treasury.
Therefore the total number of Ordinary Shares in the Company with voting rights
shall be 146,082,973.
The above figure of 146,082,973 Ordinary Shares 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 a change to their interest
in, the share capital of the Company under the Financial Service Authority's
Disclosure and Transparency Rules.
