By Sheri Kasprzak
New York, Feb. 26 - Tangent Communications plc intends to raise up to £6.06 million in a private placement connected to its acquisition of Ravensworth Digital Services Ltd.
The company plans to sell 46,615,385 shares at 13p each. The share price is a 2% discount to the company's middle market price of 13.25p on Feb. 23.
The net proceeds will be used to satisfy the cash portion of the planned acquisition, which is expected to cost £5.41 million.
Ravensworth is a digital marketing company based in Newcastle, Scotland.
London-based Tangent is a direct marketing company.
| Issuer: | Tangent Communications plc
|
| Issue: | Stock
|
| Amount: | £6.06 million
|
| Shares: | 46,615,385
|
| Price: | 13p
|
| Warrants: | No
|
| Announcement date: | Feb. 26
|
| Stock symbol: | London: TNG
|
| Stock price: | 13.25p at close Feb. 23
|
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