FFastFill plc, (AIM: FFA) a leading provider of Software as a Service (“SaaS”) solutions to the electronic financial community, announces today that KBC Peel Hunt has conditionally placed 15,384,615 new ordinary shares of 1p each in the Company ("Placing Shares") at a Placing Price of 6½ pence per share (the "Placing Price") to raise approximately £1 million (the "Placing"). The Placing Shares will represent 3.9 per cent. of the enlarged issued share capital of the Company.
The Placing Price of 6½ pence per Placing Share represents a discount of 10 per cent. to the closing middle market price of 7.25 pence per ordinary share on 18 November 2008, being the last business day before announcement of the Placing, which the Directors consider to be fair and reasonable given the size of the Placing.
The proceeds of the Placing will be used to fund the implementation of, and working capital for Phase 2 of the Company’s Asia Pacific strategy and utilises the Company's existing authority to issue new ordinary shares for cash.
The Company has also today announced its interim results for the 6 months to 30 September 2008. Full details on the interim results are contained in a separate announcement.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM. It is expected that the Placing Shares will be admitted to trading on 24 November 2008. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares. Following Admission the enlarged issued share capital of the Company will be 396,395,016 ordinary shares.