Placing and Additional Listing, Change of Nominated Adviser and Broker
22/09/2003
Knowledge Technology Solutions PLC today announces that 8,000,000 new ordinary shares of 0.1p each have been conditionally placed with institutional and other investors at a price of 12.5 pence per share. Once completed, this placing will raise approximately £950,000 net of expenses for the Company.
These 8,000,000 new ordinary shares of 0.1 pence each will rank pari passu with all other ordinary shares now in issue. Application for these new shares to be admitted to trading on AIM has been made and admission is expected to occur on 23 September 2003.
The net proceeds of the placing will be used for:
- The continuing roll out of ktsQuoteTerminal, the UK-only live financial news and data service
- Accelerating the sales and marketing of ktsMarketTerminalTM, the international live financial news and data service, which is targeted at global financial institutions, upon its launch in the coming months
- Strengthening the Company's working capital position
- Recruitment of technical specialists and customer services staff
The placing is conditional upon admission of the new shares becoming effective on or before 23 September 2003 (or such later date as the Company and KBC Peel Hunt Ltd may agree, being no later than 30 September 2003).
Following admission, the enlarged issued share capital of the Company will be 118,943,302 ordinary shares of 0.1p each.
Change of nominated adviser and broker
KBC Peel Hunt Ltd has been appointed as KTS's nominated adviser and broker with immediate effect.
KTS Chief Executive, Dr Marc Pinter-Krainer, said:
"The support we've received from institutional investors and private shareholders is a great endorsement of the success we've had so far in developing and marketing ktsQuoteTerminal. We're now looking forward to the next phase in our growth, which is the vigorous sales and marketing of the international live financial news and data service ktsMarketTerminalTM when it launches in the coming months."
