Knowledge Technology Solutions plc, a provider of professional market information services in the finance sector, is pleased to announce that it has completed a placing of 247,800,000 new ordinary shares (“Placing Shares”) of 0.1 pence each at a price of 0.5 pence per share to raise approximately £1,170,000 net of expenses (“the Placing”).
The proceeds of the Placing will be used to increase sales and marketing resources and related expenditure, to support further product development as well as to provide the working capital necessary to support the implementation and delivery of larger contracts that tend to be of a longer duration.
The placing has been performed under existing share authorities agreed at the EGM held on 22 October 2007. KTS Directors Richard Last, Louise Barton (and her husband, Mr. Brian D. Newman) and Andrew Miller have participated in the Placing and have purchased 20,000,000, 11,700,000, 4,000,000 new ordinary shares, respectively.
Following Admission of the 247,800,000 new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Group, KTS’s total issued and voting share capital will comprise of 736,442,943 ordinary shares and Directors participating in the Placing will have the following interests in the Company:
Application for the new ordinary shares to be admitted to trading on AIM has been made. Admission of the new ordinary shares is expected on 8 April 2008.
As stated in the interim statement published on 31 March the Board is planning to change the name of the company to Arcontech Plc at the AGM in December 2008 and expects the company to trade profitably in 2008/09.