News & Press
28th November 2008
Hasgrove plc (AIM: HGV, "Hasgrove", "the Group"), the pan European marketing and communications services group, has raised £0.96 million (approximately £0.91 million after expenses) via a placing, by KBC Peel Hunt on behalf of the Group with institutional and other investors, of 1,068,400 new Ordinary Shares at price of 90 pence per share.
Placing to raise £0.96 million at a price of 90 pence per share, approximately £0.91 million net of expenses;
The Placing proceeds will be used to provide sufficient headroom in the Group’s cash facilities in order to:
- be well placed to acquire appropriate companies at attractive prices when the opportunity arises;
- accelerate the process of ‘off-shoring’ some of the Group’s software development requirements to a more cost effective location; and
- enable the ‘productising’ of some of the Group’s software products to achieve significant scale and additional revenue in the Digital Communications business;
The Placing Price represents a discount of approximately 13 per cent. to the closing mid-market price of 103.5 pence per Ordinary Share on 14 November 2008;
The Placing is subject to the terms and conditions set out in the Appendix to this announcement;
Admission of the Placing Shares to AIM is expected to take place on 20 November 2008.