Result of Open Offer
On 20 June 2013, Forbidden Technologies plc announced details of a Conditional Placing and Open Offer. The Placing had conditionally raised proceeds of GBP8.0 million through the issue of 40,000,000 Placing Shares at 20p per share. In addition, to allow existing shareholders to invest further in the Company at the same price, 20p per share, Forbidden was giving all Qualifying Shareholders the opportunity to subscribe for an aggregate of up to 5,000,000 Open Offer Shares.
The Open Offer has now closed in accordance with its terms and the Board is pleased to announce that it has received valid acceptances under the Open Offer in respect of 4,557,778 Open Offer Shares from Qualifying Shareholders, which represents a take-up of approximately 91.1% of the total Open Offer Shares being offered.
Terms defined in the Circular published by the Company on 21 June 2013 have the same meaning in this announcement unless the context requires otherwise.
Stephen Streater, Chief Executive, said:
“I am very pleased with the level of Open Offer take up.
Existing investors had the opportunity to avoid dilution from the Placing, and the high level of take up demonstrates the strength of support for our strategy amongst existing shareholders.”
For more information, please visit www.forbidden.co.uk or contact:
Forbidden Technologies plc
Stephen Streater, CEO
Tel: +44 (0)20 8879 7245
Cenkos Securities plc, Nominated Adviser and Broker
Adrian Hargrave, Corporate Finance
Alex Aylen, Sales
Tel: +44 (0)20 7397 8900
Nick Rome / Sam Allen / Matthew Low
Tel: +44 (0)20 7562 3350
Notes for editors
About Forbidden Technologies
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) floated in February 2000. The Company develops and markets a powerful cloud video platform, FORscene, which is used by broadcasters, in professional web video, in education and by consumers. FORscene is one of the worlds most advanced browser-based and mobile applications.