Vision Media Group International | News
14th December 2004 ScreenFX - Successful £2 million Placing
Screen FX plc, which offers digital screen advertising in shopping centres across the UK, today announces that it has raised £2 million (before expenses) through a placing by Seymour Pierce Limited of 26,666,668 new ordinary shares at a placing price of 7.5 pence per share. The Company will use the monies raised to roll out its network across the UK.
In line with its initial strategy and with the timetable outlined in its prospectus, Screen FX now has a fully operational network of 125 screens, in eight shopping centres across the UK. The network now provides access, at the point of purchase, to a target audience of approximately 180 million shoppers a year in major centres including: the MetroCentre, Gateshead; Lakeside, Thurrock; Eldon Square, Newcastle; The Glades, Bromley; and The Victoria Centre, Nottingham.
The Company will complete the installation of the ninth shopping centre, Braehead, Glasgow, in the first quarter of 2005. Last week the Company announced its first entry into Scotland at the St James Centre, Edinburgh's premier shopping centre.
The placing is conditional on shareholder approval at an EGM convened for 6 January 2005. Application has been made to admit the shares to trading on AIM and dealing is expected to commence on 7 January 2005.
David Clark, Chief Executive Officer of Screen FX, said:
"I strongly believe this fundraising will give Screen FX the impetus it needs to take advantage of the rapid changes in the outdoor advertising market. The funds from the Placing, combined with the support we are receiving from BT Broadcast Services, mean we are now well placed to sustain our leadership position as competitors start to enter the fast growing "out of home" digital advertising market in the UK."
For further information:
| ScreenFX plc | |
| David Clark, Chief Executive | Tel: +44 (0) 161 428 5544 |
| info@screenfx.com |
Media enquiries:
| Abchurch | |
| Henry Harrison-Topham / Katherine Murphy | Tel: +44 (0) 20 7398 7700 |
| Katherine.murphy@abchurch-group.com | www.abchurch-group.com |