$4 Million Placing
10/30/09
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 $4 million (approximately £2.4 million) (before expenses) via a placing of 3,076,000 new common shares (“Common Shares”) at a price of $1.30 (80p) per share (the “Placing”). The Common Shares were issued to existing institutional and other investors in the Company, in the US and the UK. The US investment was facilitated by Littlebanc Advisors, LLC1.
The net proceeds of the Placing will provide additional working capital to maintain and enhance the growth of the Company’s business. The Company will be announcing its third quarter results on 12 November 2009.
Commenting on the Placing, Philip Beck, Planet Payment’s Chief Executive Officer, said:
“The Company has taken the opportunity offered by existing investors to bolster its cash reserves in a measured fashion. This strengthens the foundation from which we can drive additional growth as we continue to execute our plan of achieving positive cash flow and profitability in the near term. We look forward to announcing our Q3 results on 12 November, which we expect to demonstrate the progress we have achieved.”
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 4 November 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 be 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 37,648,426 issued and outstanding common shares of which 25,241,887 common shares will be trading on AIM under the ticker PPT (the unrestricted line) and 12,406,539 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.
1. Securities offered through Wilmington Capital Securities, LLC
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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 / Rebecca Sanders-Hewett / Henry Columbine planet@redleafpr.com
Tel: +44 20 7566 6700
Canaccord Adams Limited (UK) (Nomad and broker for Planet Payment)
Mark Williams / Andrew Chubb
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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