MED Conditional placing to raise approximately $15m for POLED microdisplay production

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MED Conditional placing to raise approximately $15m for POLED microdisplay production

Posted September 19th, 2007 by admin

MED, the AIM listed designer and manufacturer of low-power microdisplays using light emitting polymers for portable consumer electronics products, today announces its intention to raise approximately $15 million (net of expenses) by way of a Placing.

Summary of the Placing:

• Placing of 15,720,000 Placing Shares at a price of 50p per share to raise approximately $ 15 million (net of expenses).

• Net proceeds of the Placing will be used to strengthen the Company’s balance sheet and fund the working capital requirements anticipated as a result of the ramping of production at the Company’s manufacturing facility, providing comfort to existing and prospective commercial partners.

George Elliott, Chairman of MED, said:

‘These additional funds will ensure that on completion of the conditional placing, MED has the financial resources required to ramp production and execute management’s strategy for growth.’

A circular containing a notice of extraordinary general meeting convened for 10 a.m. on 12 October 2007 is today being sent to shareholders of the Company outlining the terms of the Placing and seeking Shareholder approval to, inter
alia, enable the Directors to allot the Placing Shares in connection with the Placing.