Equity Financing
14 February 2008
Mobile Credit Baltic plc ('MCB' or the 'Company'), the online provider of consumer loans to borrowers in Estonia, Latvia, Lithuania and Finland, announces that it has conditionally placed 3,330,432 new ordinary shares ("Placing Shares") of 10 pence each at 115p per share to raise gross proceeds of £3.8 million (€5.1 million). The placing shares have been allotted from the Company's existing share allotment authorities.
The placing secures the equity financing required to support the Company's significant further growth for 2008 and planned expansion in the Fenno-Baltic markets. Investors include both current shareholders and new investors, further expanding the Company's shareholder base.
Completion of the placing is conditional on admission to trading on AIM of the Placing Shares and application for admission has been made with admission expected to occur on or around 18 February.
Rami Ryhanen, Chief Executive of Mobile Credit Baltic plc, said: "We are delighted to have completed the placing despite the very difficult recent market conditions. It represents a strong endorsement of Mobile Credit Baltic's underlying business and its development plans for the future. The financing puts the Company in a strong position to take advantage of the significant opportunities we continue to see in the consumer credit markets."
Following the issue of the Placing Shares, the Company's issued share capital consists of 17,394,247 Ordinary Shares with a nominal value of 10 pence each, with voting rights. The above figure of 17,394,247 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.
Enquiries
| Mobile Credit Baltic plc | |
| Rami Ryhänen, Chief Executive | +372 5300 8332 |
| rami@mobilecredit.ee | www.mobilecreditbaltic.com |
| Henry Nilert, CFO | +358 451 370 065 |
| henry@mobilecredit.ee | www.mobilecreditbaltic.com |
Media enquiries:
Capital MS&L:
| james.madsen@capitalmsl.com | www.capitalmsl.com |
Nominated Adviser
Libertas Capital:
| Jakob Kinde / Stephen Pickup | +44 (0) 20 7569 9650 |