» Drawdown of Funds

Drawdown of Funds

Posted on: 12 December 2007


The Company announces that notifications have been sent to all placees who are subject to the additional subscription obligations under the original placing arrangements entered into in August 2007 ("the Placing"). The notifications were to inform the original placees that the Company now wishes to drawdown the balance of the funds committed by the placees in August 2007.

The relevant placees committed at the time of the Placing to subscribe (at the Company's option) for up to a further 13,917,800 ordinary shares in the Company at the placing price of €2.00 per share. The Company has exercised its right for the placees to subscribe for the maximum number of shares possible under the original placing arrangements and the gross proceeds from this drawdown are therefore expected to be €27.8 million. Application will be made for the new ordinary shares to be admitted to trading on AIM and it is expected that the new ordinary shares will be admitted to trading by 14 January 2008.