Forbidden Technologies To Raise £9m For Expansion

Forbidden Technologies, owner and developer of the Cloud video platform FORscene, has announced news that the company will raise up to £9m for a proposed expansion.
The company has also announced a conditional Firm Placing of 40m new Ordinary Shares at 20 pence each, to raise gross funds of £8m by means of a placing by Cenkos Securities that was "significantly oversubscribed".
In addition, in order to provide Qualifying Shareholders with an opportunity to subscribe for new Ordinary Shares at the same price, Forbidden has also revealed a proposed Open Offer to raise up to a further £1m (before expenses).
"These funds will aid the company to support distributors in providing after-sales service to end customers and to provide additional working capital as the business itself continues to develop new customer relationships," a statement said.
"The company also intends to make new appointments that will strengthen the senior management team."
Up to £1m (before expenses) will be raised from an Open Offer at the Issue Price of 20 pence.
Qualifying Shareholders will be provided with a basic entitlement of one new Ordinary Share for every five existing Ordinary Shares.
In addition, an Excess Application Facility will be made available.
Stephen Streater, Chief Executive Office of Forbidden, said: "I am delighted that we have raised £8m through this oversubscribed placing, which has included support from many new investors. I am glad to be providing existing Qualifying Shareholders with the opportunity to participate through the Open Offer at the same price, enabling us to raise up to a further £1m.
"I believe that this fund raising transforms the opportunities available to the Company by providing Forbidden with a much increased pool of funds from which to invest in marketing and development. This also proves that technology companies have access to capital in the UK and that AIM is serving its purpose."
www.forbidden.co.uk
(IT/JP)