3 Million Private Placing
03/12/09
$3 Million Private Placing
Planet Payment, Inc. (UK: LSE:AIM: PPT and PPTR; USA: OTCQX: PLPM), a leading international multi-currency payment and data processor, is pleased to announce that it has raised £2.13 million (approximately US$3 million) (before expenses) via a placing of 6,659,000 new common shares (“Common Shares”) at a price of 32 pence per share (approximately US$0.45 per share) (the “Placing”). The Common Shares were issued to institutional and other investors in Europe, the UK and the US. Canaccord Adams Limited acted as broker in connection with the Placing.
The net proceeds of the Placing will provide additional working capital to support the growth of the Company’s business.
Commenting on the Placing, Philip Beck, Planet Payment’s Chief Executive Officer, said:
“Notwithstanding current economic conditions, we are executing our plan to achieve near term positive cash flow and profitability. This placement provides the Company with additional working capital, which employed under our current operating plan, ensures a strong foundation from which we can drive additional growth.”
The Company has applied for the Common Shares to be admitted to trading on AIM under the ticker symbol ‘PPTR’ (the Reg S line), with trading expected to commence on 16 March 2009.
The Common Shares have not and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not offered or sold, directly or indirectly, within the United States except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. The Common Shares were offered in the United States and elsewhere to a limited number of “accredited investors” as defined in, and in reliance on, Regulation D, under the Securities Act.
Following the admission of these shares the Company will have a total of 33,888,797 issued and outstanding common shares of which 20,308,979 common shares will be trading on AIM under the ticker PPT (the unrestricted line) and 13,579,818 common shares will be trading on AIM under the ticker PPTR (the Reg S line). All unrestricted shares are tradable on the OTCQX in the United States under the ticker PLPM.
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Enquiries to:
Planet Payment, Inc.
Philip D. Beck, Chairman & CEO Tel: + 1 516 670 3200
www.planetpayment.com
Redleaf Communications Ltd (UK PR for Planet Payment)
Emma Kane / Samantha Robbins /
Henry Columbine planet@redleafpr.com
Tel: +44 20 7822 0200
ICR, Inc. (US PR for Planet Payment)
Brian Prenoveau, CFA / Ashley Ammon MacFarlane Tel: +1 203 682 8200
Canaccord Adams Limited (UK) (Nomad for Planet Payment)
Mark Williams
Tel +44 20 7050 6500
Canaccord Adams, Inc. (US) (DAD for Planet Payment)
Andy Viles Tel: +1 617-371-3900
About Planet Payment®
• Planet Payment’s Common shares trade in the UK on AIM under the symbols PPT for unrestricted Common shares and PPTR for Reg S Common shares and in the United States on the OTCQX under the symbol PLPM.
• Planet Payment enables processors, acquiring banks and their merchants to accept, process and reconcile credit card transactions in multiple currencies, allowing cardholders to view prices and settle transactions in their native currency. The Pay in Your Currency service is a component of Planet Payment’s suite of multi-currency processing solutions, which include a multi-currency pricing e-commerce service and a Dynamic Currency Conversion service. Planet Payment’s BuyVoice™, a mobile payment and commerce solution, allows merchants to accept payments and sell product to customers using any mobile or landline phone. With the iPAY™ gateway, Planet Payment also offers comprehensive Internet processing solutions for credit card and electronic check payments.
• Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, London, Hong Kong, Shanghai and Singapore.
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