PLM Plasmon

RNS Number:3473V
Plasmon PLC
23 April 2007


23 April 2007

Plasmon Plc ("Plasmon" or "the Company")

Update on conditional Placing of New Ordinary Shares at 20p each to raise GBP8.0
million (before expenses) ("the Placing")


On 9 March 2007, the Company announced an update on UDO2 and current trading and
a proposed Placing of 40,000,000 New Ordinary Shares at an issue price of 20
pence per share to raise approximately #8.0 million, before expenses.


Plasmon is pleased to announce that the Prospectus relating to the Placing
(containing the notice of an extraordinary general meeting to approve, inter
alia, the proposed Placing), will be posted to shareholders today. The
extraordinary general meeting of the Company has been convened for 11.00 a.m. on
Wednesday 16 May 2007 at the offices of SJ Berwin LLP, 10 Queen Street Place,
London, EC4R 1BE.


Trading update


Since the trading update made on 9 March 2007, Plasmon has demonstrated UDO2
technology at the CeBIT trade show on 15 March 2007 as planned and also
announced a new distribution agreement with Avnet Technology Solutions, a major
US IT distributor. Sales of UDO products have continued at reduced levels and
the restructuring plans outlined in the trading update on 9 March 2007, namely
to discontinue some legacy activities and simplify its operational structure,
are now at an advanced stage. This restructuring is expected to result in a
one-off charge of #3.7 million for the year ended 31 March 2007. The estimated
outcome for the year to 31 March 2007 is for the loss before tax to be
approximately #15 million, including the restructuring charge. The loss estimate
assumes that the Placing is successful. If the Placing does not take place the
Board would be obliged to immediately consider significant additional
restructuring of its operations, which is likely to impact the carrying value of
certain assets. The loss estimate does not include any additional costs that
might result from a failure to complete the Placing.


Application will be made to the UK Listing Authority and to the London Stock
Exchange for the admission of the New Ordinary Shares to (i) listing on the
Official List and (ii) trading on the London Stock Exchange's market for listed
securities. Subject to the fulfilment of the conditions of the Placing, it is
expected that Admission will become effective and that dealings will commence in
the New Ordinary Shares at 8.00 a.m. on 18 May 2007.


A copy of the Prospectus to shareholders has been submitted to the UKLA, and
will shortly be available at the UKLA's Document Viewing Facility, which is
situated at:

Financial Services Authority

25 The North Colonnade

Canary Wharf

London

E14 5HS

Tel. 020 7066 1000

Enquiries


Plasmon Plc Tel: 01763 261 466

Nigel Street

Timothy Arthur


Citigate Dewe Rogerson Tel: 020 7638 9571

Martin Jackson


END


                      This information is provided by RNS
            The company news service from the London Stock Exchange

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