Proceeds to be used to accelerate implementation of its growth strategy
StatPro, the AIM listed provider of portfolio analytics solutions for the global asset management industry, announces that 3.25 million new ordinary shares of one penny each in the capital of the Company (the “Placing Shares”) have been placed by Arbuthnot Securities Limited with institutional investors at a price of 80 pence per share to raise approximately £2.5 million after expenses (the “Placing”). The Placing Shares represent approximately 9 per cent. of the existing issued share
capital of the Company.
The net proceeds of the Placing will be used primarily for working capital purposes, in order to accelerate implementation of the Company’s growth strategy through strengthening its client services and consulting teams and funding the cash elements of acquisitions.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. The Placing Shares will rank pari passu with the existing issued ordinary shares of one penny each in the capital of the Company (“Ordinary Shares”), save that they will not rank for the recommended final dividend of 0.5 pence per share proposed in the announcement of the Company’s preliminary results on 20 March 2006.
The Placing is conditional, inter alia, on the admission of the Placing Shares to AIM becoming effective (“Admission”), which is expected to occur on 9 May 2006, when dealings in the Placing Shares are expected to commence. Following Admission, the Company will have 39,299,744 Ordinary Shares in issue.
StatPro intends to issue a trading update on 17 May 2006, the day of its Annual General Meeting.
Commenting on the Placing, Justin Wheatley, Chief Executive of StatPro, said:
“We are delighted with the success of the Placing and we welcome our new institutional shareholders and thank our existing shareholders for their continued support.
The proceeds of the Placing will enable StatPro to accelerate implementation of its growth strategy and continue to complement organic investment with acquisitions.”
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