Re: Bridge Investment Network
New private placement in GPS Buddy
Dear Investor,
GPS Buddy has decided to make a second Private placement according to the EU law and directives for an additional 1, 5 million euro from October 8, 2007. A third share issue will take place after the Irish Stock Exchange has given their approval for the Prospectus in January 2008 with a higher valuation.
In July, 2007 an investment opportunity was offered to from GPS-Buddy Holding Ltd to members in Bridge. The very successful July offering of 1 million euro was hugely oversubscribed.
As a second, larger investment round based on a Prospectus was scheduled in October 2007.
Being an Irish based company, GPS-Buddy’s Prospectus has to be approved by the Irish Stock Exchange. Although two of the largest and best-known solicitors and financial consultants in Ireland – William Fry Solicitors and BDO Simpson Xavier – have been engaged to produce this Prospectus, the approval process in Ireland takes much more time than anticipated. The final release of the Prospectus will be in January 2008 – far too late for our original October 2007 offering.
In accordance with EU law and directives, offerings till max. 2.5 million euro should be based on an Information Memorandum and offerings surpassing this limit, should be based on a Prospectus.
The reason to make an additional Private placement and not wait until January 2008 is because GPS-Buddy had earmarked the October round for financing the strong growth possibilities and – not wanting to spoil the opportunities. GPS Buddy is willing to offer a substantial amount of shares in October at the same value as in July 2007.
GPS Buddy´original scheme is to raise maximum 7 million euro in total and the remaining amount of maximum 4,5 million will be done in January 2008 after the Prospectus has been aproved by the Irish Stock Exchange, including road shows in various countries for Bridge members.
GPS will from Monday 8, 2007 introduce the following offering of new shares in the Company:
* Private placement of 1.5 million euro
* Share price of 5.75€ each.
* The valuation based on the same 12.5 million euro valuation of GPS-Buddy as in last July 2007.
* Subscription period from Monday 8 October till Sunday 21 October 2007
As next week’s upcoming Private placement is based on the same valuation as in July of 12.5 million euro and does not take into account GPS-Buddy’s achievements since then, those members who have been without shares during the first round in July will be prioritised from the second Private placement if oversubscribed.
With help of GPS-Buddy’s management is happy to provide an investment opportunity now with the second investment round with a starting date of Monday 8, 2007.
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