Forbidden Technologies (AIM: FBT), the AIM-quoted developer of the market leading Cloud video platform FORscene, is pleased to announce that it has raised £1.6 million before expenses, via a placing (the Placing) of 4,847,000 new ordinary share of 0.8 pence in the Company (the New Ordinary Shares), with a number of institutional investors, at a price of 33 pence per share, closing mid price on 13 October 2010.
The Placing achieves four strategic goals:
- to reduce the number of shares held by Board members to below 75%;
- to enable the repayment of all outstanding loans;
- to provide a significant cash reserve; and
- to enlist institutional support for the Company
The Placing is conditional on the admission of the New Ordinary Shares to trading on AIM. 4,847,000 New Ordinary Shares were allotted yesterday, and application will be made for these shares to be admitted to trading on AIM. Trading in the New Ordinary Shares is expected to commence on 20 October 2010.
Following Admission of the 4,847,000 shares allotted yesterday, the Companys enlarged issued share capital will be 86,169,500 shares. Stephen Streater, CEO of Forbidden Technologies, said: "The Company has crossed the threshold for serious institutional investment. We look forward to the future with confidence".
For further information please visit www.forbidden.co.uk or contact:
Forbidden Technologies plc
Tel: 020 8879 7245
Stephen Streater, Chief Executive
Tel: 0845 213 4726
Neil Baldwin, Nominated Advisor
Tel: 020 7562 3350
Notes to Editors
Forbidden Technologies plc (AIM: FBT, www.forbidden.co.uk) listed in February 2000.
The Company develops and markets a powerful internet 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 applications, operating in The Cloud.