Further Investment
September 28 2007 - 3:08AM
UK Regulatory
RNS Number:6926E
InTechnology PLC
28 September 2007
28 September 2007
InTechnology plc
Further investment in Mobile Tornado Group plc
InTechnology plc ("InTechnology"), the voice and data Managed Services provider,
announces that it has reached a conditional agreement with Mobile Tornado Group
plc ("Mobile Tornado" or "the Company") to invest #2,354,000 in the Company.
This follows InTechnology's initial #4 million investment in Mobile Tornado in
September 2006. Since then the two companies have worked closely in order to
develop and commercialise the Company's product offering.
Use of Funds
The Board of Mobile Tornado believes that the Company requires further funds
before it is able to achieve material revenues and the net proceeds of the
investment will be utilised in the continued investment in the Company's
technology platform and the establishment of its managed services proposition
with partners throughout Europe.
The Subscription
InTechnology has conditionally agreed to invest #854,000 in Mobile Tornado Group
through the purchase of 12,200,000 Treasury Shares at a price of 7p per Treasury
Share which increases its shareholding to 49.9%. In addition, InTechnology has
agreed to invest #1,500,000 through the subscription of 18,750,000 Non-Voting
Preference Shares at a price of 8p per Non-Voting Preference Share.
Furthermore, Peter Wilkinson, Chief Executive of InTechnology, has agreed to
purchase 51,333 Treasury Shares at 7p per Treasury Share. Following the
Placing, Peter Wilkinson will be interested in 24,962,725 Ordinary Shares,
representing 13.53 per cent of the voting capital of the Company.
EGM
The subscription agreement is conditional upon resolutions to approve the
investment being passed at an Extraordinary General Meeting of Mobile Tornado
shareholders on 26 October 2007.
Peter Wilkinson, Chief Executive of InTechnology, commented:
"This additional investment further increases our exposure to the exciting
market of Push to Talk services. We believe Mobile Tornado offers an excellent
investment exposure to this market and we are delighted to be expanding our
relationship with them."
Enquiries:
InTechnology plc 01423 850 000
Peter Wilkinson
Financial Dynamics 020 7831 3113
James Melville-Ross / Hannah Sloane
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCIFFELARIDFID
Intechnology (LSE:ITO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Intechnology (LSE:ITO)
Historical Stock Chart
From Jul 2023 to Jul 2024