On 26 May 2010 Bglobal, the leading smart metering and energy data company, announced the conditional acquisition of Utiligroup Limited together with a placing of 17,105,263 New Ordinary Shares and an Open Offer of up to 3,954,650 New Ordinary Shares at a price of 38 pence per Ordinary Share.
Bglobal is pleased to announce that approximately £6.5 million has been raised by way of the Placing of 17,105,263 New Ordinary Shares at 38 pence per share with institutional and other investors.
Further, following the closing of the Open Offer at 11.00 a.m. on 17 June 2010 valid applications were received from Qualifying Shareholders for 680,284 Offer Shares. This amount includes applications from certain Qualifying Shareholders for 255,918 Offer Shares in excess of their pro rata entitlement. All such applications will be settled in full.
In addition, all the resolutions, as set out in the circular to shareholders dated 26 May 2010 ("the Circular"), proposed at the General Meeting of the Company held today at 11.00 a.m. were duly passed by Shareholders. Further details of the results of the General Meeting are set out in the Appendix below.
Admission will become effective and trading in the 20,111,127 New Ordinary Shares (comprising 17,105,263 Placing Shares, 680,284 Offer Shares and 2,325,580 Initial Consideration Shares) will commence on AIM at 8.00 a.m. on 21 June 2010. The New Ordinary Shares will, when allotted and fully paid, rank equally in all respects with the Ordinary Shares, including the right to receive any dividend or other distribution declared, made or paid after the date of their unconditional allotment.
Completion of the Acquisition Agreement will take place upon Admission.
Following Admission of the New Ordinary Shares the total number of ordinary shares of 1p each in the capital of the Company in issue on Admission will be 99,204,135 with each share carrying the right to one vote. Following Admission, the Directors will be interested in the issued share capital of the Company as set out below:
No. of Ordinary Shares %
Peter Kennedy: 23,962,790 24.15%
James Newman 125,000 0.13%
Anthony Barnes 22,000 0.02%
Nick Kennedy 399,000 0.40%
David Gammon 250,000 0.25%
The aggregate holding of the Concert Party (being Peter Kennedy, Martin Evans and Nick Kennedy) may increase to a maximum of 42,061,079 Ordinary Shares representing 38.77% of the enlarged share capital of the Company assuming the issue of the maximum number of 7,848,836 Performance Consideration Shares and the exercise of the 1,437,663 Concert Party Options but no exercise of any other share options.
Terms used in this Announcement have the same meaning as those defined in the Circular.
APPENDIX
General Meeting
At the General Meeting, Resolutions numbered 1, 2, 3 and 4 were duly passed as Ordinary Resolutions (with Resolutions numbered 1, 2 and 3 being taken on a poll of Independent Shareholders) and Resolutions numbered 6 and 7 were duly passed as Special Resolutions.