LONDON (Thomson Financial) - Net b2b2 PLC said it will place 5 mln shares at
a price of 10 pence each with chairman Keith Young and that the gross proceeds
of 500,000 stg will be used to fund its working capital needs.
Also, the takeover panel has agreed to waive the obligation for Young to
make a offer under Rule 9 that would otherwise arise on completion of the
placing and any subsequent exercise of the options currently held by him.
The company said following the placing, Young will hold more than 50 pct of
the company's voting rights.
The company said that its profitability continues to be "depressed" at its
cScape unit partially due to problems experienced on
the major project alluded to in the interim results.
The One Stop Racing website has proved disappointing in revenue terms and
full provision has been made against the assets of that operation, the company
said.
However, the company made an encouraging progress in resolving the deficit
resulting from a pension fund operated by a liquidated subsidiary and it is
currently expected that some write back will be made of the amount currently
provided.
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