Sale of company's stock to fund expansion of mobile marketing services
By Devika Patel
Knoxville, Tenn., June 22 - InternetQ plc said it will conduct a £12 million private placement of shares.
The company conditionally sold 4,363,636 ordinary shares at 275p each. The price per share is a 9.54% discount to the June 21 closing share price of 304p.
Proceeds will be used for the expansion of the company's mobile marketing services, to provide additional working capital to InternetQ's South East Asian operation, I-POP, for an IT and systems maintenance upgrade program and to strengthen InternetQ's balance sheet for both organic and acquisitive growth.
The Athina, Greece-based company offers mobile marketing solutions and digital entertainment.
| Issuer: | InternetQ plc
|
| Issue: | Ordinary shares
|
| Amount: | £12 million
|
| Shares: | 4,363,636
|
| Price: | 275p
|
| Warrants: | No
|
| Announcement date: | June 22
|
| Stock symbol: | London: INTQ
|
| Stock price: | 290.15p at close June 22
|
| Market capitalization: | £78.12 million
|
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