Parity Group plc Issue Equity To Raise 600K
Parity Group plc Issue Equity To Raise £600K
Parity, the UK IT services group, today announces the issue of 3,125,000 new ordinary shares of 2p each at 20 pence per share to raise approximately £600,000 (net of expenses). The issue price represents a discount of 7.0% to the closing middle market price on 9 January 2013 (being the last dealing day prior to this announcement). The proceeds will be used to fund the first earn-out in relation to the acquisition of Inition as announced on 29 May 2012 and potential future transaction costs. Inition has performed beyond expectations, earning the founders their first year earn-out in only seven months, reinforcing the Board's confidence in its digital media strategy. The Company has already funded the upfront £1.5 million cash cost of the Inition acquisition.
Application has been made to the UK Listing Authority for the new ordinary shares (which rank pari passu with all existing ordinary shares) to be admitted to the premium segment of the Official List and to the London Stock Exchange for the new ordinary shares to be admitted to trading on the London Stock Exchange's main market for listed securities. It is expected that Admission will become effective, and that dealings in the new ordinary shares will commence, at 8.00 a.m. on 15 January 2013.
Following the issue of the new ordinary shares the Company's issued share capital will consist of 74,960,594 ordinary shares ("Ordinary Shares") with a nominal value of 2p each, with voting rights. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 74,960,594 and this number should 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.