Proposed Placing
31st Mar 2008
The Board of Pursuit Dynamics PLC (AIM: PDX), the developer and exploiter of the
PDX(R) platform technology, is pleased to announce a proposed placing ("the
Placing") of 2,167,000 new ordinary shares of 1p each ("Placing Shares") at 300p
per share (a small premium to the opening mid-market price on the last dealing
day prior to this announcement) to raise approximately £6.5 million
(approximately £6.2 million net of expenses).
As announced in the recent AGM Statement, Pursuit Dynamics has received an
encouraging level of enquiries for the PDX(R) Ethanol Reactor following the
signing of an agreement in February for the first full scale production
installation. The Placing will provide Pursuit Dynamics with additional working
capital funding to convert those enquiries into sales and further installations,
and it enables the Company to meet demand from institutional investors wishing
to invest in Pursuit Dynamics.
Pursuit Dynamics has entered into a placing agreement with Cenkos Securities
plc, pursuant to which Cenkos Securities plc has, on behalf of the Company,
conditionally placed the Placing Shares with institutional investors.
In addition, options have been exercised over 178,333 new ordinary shares of 1p
each in the Company of which 175,000 have been exercised by Gary Pyle who
recently stepped down as a Non-Executive Director of the Company.
Application will be made for all of the New Ordinary Shares, including the
Placing Shares to be admitted to trading on AIM and it is anticipated that
admission will become effective, and that trading in the New Ordinary Shares
on AIM will commence, on 4 April 2008.
