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Regulatory News |
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Placing to raise £1.9m
04.04.2008
Servoca Plc, which provides specialist Outsourcing, Resourcing and Training solutions to police forces, local and national government and companies throughout the private sector, healthcare and education, is pleased to announce a placing of 6,333,340 new ordinary shares of 10p each (“New Ordinary Shares”). The New Ordinary Shares are being issued at 30 pence per share to raise £1.9 million (before expenses). The Company will utilise the proceeds to provide additional working capital to assist in Servoca’s continued development.
Included within the Placing, are 83,333 New Ordinary Shares which are being placed with Glenn Swaby, the Company’s chief financial officer. Following the Placing, Glenn Swaby will hold 83,333 ordinary shares in the Company, representing 0.2 per cent of Servoca’s issued share capital.
Application will be made to the London Stock Exchange for the New Ordinary Shares issued pursuant to the Placing to be admitted to trading on AIM. It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence on 9 April 2008. No application has been or is being made for the New Ordinary Shares to be admitted to any other recognised investment exchange.
Servoca recently announced the acquisition of Academics Holdings Limited and its wholly-owned subsidiary, Academics Limited which supplies qualified teachers on a contract or permanent basis to
clients in London and the Home Counties. In the audited accounts for the year to 31 August 2007, Academics achieved a profit before tax of £910,000 on turnover of £9.04 million.



