News

08 May 2013 | Education | NetDimensions plc

NetDimensions Placing to Raise £4.09m

NetDimensions, a global provider of performance, knowledge and learning management systems, is pleased to announce the conditional placing of 10,750,000 new ordinary shares of US$0.001 each (par value) in the Company at a price of 38 pence per share ("Placing Price") to raise gross proceeds of £4.09m (the "Placing").

​The Placing comprises 10,750,000 New Ordinary Shares (the "Placing Shares"), representing approximately 38.9 per cent of the issued ordinary share capital of the Company prior to the Placing. The New Ordinary shares have been conditionally placed with new and existing investors. The Placing was arranged by Panmure Gordon (UK) Limited. The Placing Price represents a 10.6 per cent discount to the closing middle market price of 42.5 pence on 7 May 2013, being the last trading day immediately preceding the date of this Announcement.

The proceeds from the placing will allow the Company to invest for substantial long-term growth in sales revenue. Investment will target the Company's sales and marketing organisation which will be expanded with new hires in front-line sales across all business units globally. The new healthcare division formed on the back of the acquisition of eHealthcareIT on 1 March 2013 will also be expanded to increase market share in the fast-growing US Healthcare Market. In addition, the Company will increase investment in product development and professional services to further enhance their product offerings. This investment is in line with the Board's long-term strategy of investing for growth and focusing on clients in high-consequence, highly regulated industries.

Matthew Chaloner, NetDimensions CFO, commented: 

"This is a very exciting time to be involved with NetDimensions. The Placing will allow the Company to accelerate its investment plans and achieve substantial increases in future revenue growth."

The Placing Shares will rank equally with the existing Ordinary Shares in the Company. The Placing is conditional on the admission of the New Ordinary Shares to trading on AIM. Application has been made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading. Dealing in these shares is anticipated to commence at 8.00 a.m. on 15 May 2013.

Following admission the total number of Ordinary Shares with voting rights in issue will be 37,719,826. There are no shares held in treasury. 

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