20 May 2011 – placing
The group is placing up to 118m new shares at a price of 16.5p to raise gross proceeds of £19.5m. The funds raised will be used to further develop the group’s business in Africa where it is well placed to win new contracts which require additional funding. Although the placing may satisfy short term demand for the stock, we believe that the long term story remains intact. The shares remain a LONG TERM BUY.