- Sabien said it has conditionally placed with institutional and other investors 9.86m new shares of 5p each and that TVI 2 Limited, an existing shareholder of the Company, has subscribed for 1.14m of thes.

The Placing Shares and the Subscription Shares are being issued at 7 pence per share raising £770,000 (before expenses) for the Company.

The funds raised from the Placing and Subscription will provide Sabien with the capital necessary to support the new more aggressive strategy for the roll out of up to 35 M2G pilot projects for the Company's target client base in FY2016 (vs 10 in FY2015).

Before receipt of the Placing and Subscription funds the Company had a satisfactory net cash position of £1.1m. The funds received in the Placing and Subscription will be used to fund an increased roll out of pilot projects whilst ensuring that a prudent net cash position is maintained.

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