ICM raising £2.1 million

ICM is aiming to raise £2.1m from institutional investors for investment in new recovery centres and for potential acquisitions. The company issued the following regulatory news statement on this issue:

“ICM Computer Group plc, the UK's leading provider of IT Assurance comprising IT
Support, IT Solutions and Business Continuity services, today conditionally raised £2.1 million from institutional investors by way of a subscription for 989,520 Ordinary Shares of 5p each fully paid, ranking pari passu with the existing Ordinary Shares at a price of 210p per Ordinary Share, representing a discount of approximately 3.4% to the current mid market price.

The subscription is conditional on the admission of the 989,520 Ordinary Shares to the Official List of the UK Listing Authority and to trading on the London Stock Exchange's main market for listed securities. Application is to be made for the 989,520 Ordinary Shares to be so admitted and it is expected that admission will become effective on 23 October 2003.

In the preliminary results statement on 23 September 2003, ICM said that the
Group is committed to supplementing its organic growth with appropriate acquisitions and remains active in the pursuit of other opportunities to strengthen its IT Assurance services. The proceeds raised today will both assist
ICM in furthering its plans for a national network of disaster recovery centres and for making suitable acquisitions.”

•Date: 20th October 2003 •Region: UK •Type: Article •Topic: BC markets
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