COE Group, the developer and supplier of advanced video surveillance systems, is pleased to announce a conditional placing by KBC Peel Hunt of 3,125,000 new Ordinary Shares at a price of 40 pence per new Ordinary Share with institutional and other investors to raise approximately £1.25 million (approximately £1.17 million after expenses). The Placing is conditional upon admission of the new Ordinary Shares to AIM, which is expected to take place on 21 March 2007.
Key points
- Conditional placing to raise £1.25 million at a price of 40 pence per share, £1.17 million net of expenses;
- Proceeds of the Placing will be used to recruit additional sales focussed employees in order to capitalize on the expected continued growth in the global CCTV market;
- Directors look forward to the future with renewed confidence; and
- Admission to trading on AIM of the Placing Shares is expected to take place on 21 March 2007.
Andrew Wallace, Chief Executive Officer, commented: "There is considerable growth forecast in the global CCTV market, particularly in COE's main transport market. The UK has long been a globally respected centre of CCTV skills and technology, and COE has developed an export business based within this innovative market. We are excited about COE's prospects as a platform for developing a significant global player during the coming years."
"We are assembling the investment backing and skills to address this opportunity and we are delighted to announce the placing. The proceeds of the placing will help COE Group to recruit extra sales focussed employees and enable the Company to look forward to the future with renewed confidence."
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