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IMIMobile Launches Placing As Founders Sell Stakes In IMI Mobile (ALLISS)

LONDON (Alliance News) - Mobile technology software provider IMImobile ...

Alliance News 12 January, 2017 | 2:35AM
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LONDON (Alliance News) - Mobile technology software provider IMImobile PLC late Wednesday said its two founding shareholders intend to exercise their right to exchange their stakes in IMI Mobile Private Ltd for shares in the London-listed entity.

Non-Executive Director Viswanatha Alluri and Chief Technical Officer Shyamprasad Bhat will sell 30% of their individual stakes in IMI Mobile Private and exchange their remaining stakes in IMI Mobile Private into shares in IMImobile.

As a result, the company is proposing a placement of 3.4 million new shares in the company, equal to about 5.6% of the enlarged issued share capital after the placing is completed, to acquire the shares in IMI Mobile Private being sold by the two directors.

That will be priced at 159 pence each, raising a total of GBP5.4 million. When those funds are then used to repurchase the shares in IMI Mobile Private from the two directors, it will be at an average price of 477 pence per IMI Mobile Private share.

"As a result of the reorganisation of the share capital of the company and IMI Mobile Private, the placing will be non-dilutive to the existing shareholders in the company," IMImobile said.

IMImobile said the directors have the right to exchange each share in IMI Mobile Private for three shares in the business. The directors have exercised their right to exchange over 2.6 million shares, meaning they will receive 7.9 million shares in IMImobile.

The company said it will own 99.99% of IMI Mobile Private after the transactions.

Alluri will hold an 11.1% stake in IMImobile after the transactions and Bhat will have a 1.9% stake.

IMImobile shares closed up 2.5% to 165 pence per share on Wednesday.

By Joshua Warner;; @JoshAlliance

Copyright 2017 Alliance News Limited. All Rights Reserved. 

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
IMImobile PLC 279.60 GBX 0.22 -
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