It’s confusing with all the tranches, loans, promissary notes and the such like but here we see VMG raising more funds on the Alternative Investment Market (AIM)…
Vision Media Group – Placing of Shares
RNS Number : 5012W Vision Media Group (Intl) PLC 11 June 2008
Press Release 11 June 2008
Vision Media Group (International) plc
(“VMG” or “the Group”)
Placing Of Shares
Vision Media Group (International) plc (AIM:VMG), the outdoor media contractor, announces that it has successfully placed 9,523,806 new Ordinary Shares at 5.25 pence per share to existing institutional and other investors.
Further to the announcement of 28 May 2008, this fundraising releases the second and third tranches of funds from Trafalgar Capital Specialised Investment Fund. These tranches will deliver a further £1.2 million net to VMG of which the Group has received £250,000 so far.
All 9,523,806 new Ordinary Shares, which rank pari passu with the existing shares, are expected to be admitted to trading on AIM on 12 June 2008.
Following this notification, the total number of shares in issue will stand at 78,699,591.
Mike Cottman, Executive Chairman, said: “This successful placing of new shares so soon after our share re-construction and the announcement of our intention to raise this new equity is testimony to investor belief in the growing strength of our business. The placing represents the final stage in our 18 month journey of re-structuring and re-financing and completes the financing intentions we announced in December, 2007. This stage of our turnaround is now complete. We can now look forward to developing our business and concentrating on delivering a profitable business for all our stakeholders. We have much to do in this regard and a host of opportunities ahead of us.”
# Ends –
We have a feeling that they might be spending this money soon (see previous announcement from Avanti Screenmedia Group 😉