The offer, which closed on April 19, 2004, resulted in applications for 34,086,689 new ordinary shares, amounting to 57.568 percent of the shares available under the open offer. The balance of the open offer has been taken up by new institutional investors, together with 10,036,000 new ordinary shares under the firm placing.
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“We are delighted that shareholders overwhelmingly approved the company’s fundraising at the extraordinary general meeting held on 19 April 2004,” says Ricky Hudson, chief executive of TeleCity. “The funds will allow TeleCity to continue the transformation and development of the business through to positive cash generation, which is projected to occur by the fourth quarter of 2004. The new investors include some of London’s premier financial institutions and investment funds. The caliber of this new investment reinforces the board?s confidence in TeleCity?s future.”