EBTM Ebtm

    RNS Number : 6724H
  EBTM PLC
  07 November 2008
   

    EBTM


    EBTM plc
    ("EBTM" or "the Company")

    Institutional Placing

    EBTM plc, the online retailer of music inspired fashion, has conditionally raised �850,000 before expenses through the placing of
85,000,000 new ordinary shares ("Placing Shares") with institutional investors at a price of 1p per share the ("Placing").   

    The Placing will take place in two instalments. The first instalment will be in respect of 40,000,000 of the Placing Shares ('the First
Placing Shares'). Application will be made for the First Placing Shares to be admitted to trading on AIM with admission expected to take
place on 12 November 2008 ('the First Placing'). The issue of the remaining 45,000,000 Placing Shares ('the Second Placing Shares') is
conditional on the passing of resolutions at a Annual General Meeting of EBTM to be held on 18 November 2008 to grant the necessary
authorities to the directors pursuant to the Companies Act 1985 ('the Second Placing'). Application will be made for admission of the Second
Placing Shares which is expected to take place on 19 November 2008 subject to the passing of the resolutions put to the AGM.

    The Placing Shares represent 31.6 per cent. of the enlarged share capital of the Company.  Following the issue of the Placing Shares,
the Company will have 354,097,744 ordinary shares in issue.

    These funds will be used to underpin the continued growth of the online retail business.

    During the first 24 weeks of the current financial year online revenues have increased by 17 per cent. compared to the same period in
the prior year with sales conversion rates touching record levels and improved margins. As previously announced, trading conditions for the
wholesale division remain challenging. The Company expects to make a small operating loss in the first half year, which is in line with
management expectations. As in prior years, the bulk of sales and profits are expected in the second half of the financial year. The
directors remain confident that, as the key Christmas period approaches, the online retail business is well positioned to deliver
accelerated growth rates. 

    END


    Enquiries

 EBTM plc
 Richard Breeden, Chief Executive Officer      020 7819 1950
 Ian Collins, Chief Financial Officer

 Blue Oar Securities Plc
 Andrew Raca / Jerry Keen                      020 7448 4400

 Biddicks
 Zo?iddick / Sophie Lane                       020 7448 1000


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
IOEVQLFBVFBXFBD

Ebtm (LSE:EBTM)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024

Ebtm (LSE:EBTM)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024