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MOSAIQUE PLC RAISES £250,000

Added: (Fri Aug 01 2003)

Pressbox (Press Release) - AIM-listed Mosaique PLC (MQE) has successfully raised £250,000 through the issue of 1,000,000 new shares of 5p each. The issue of new shares was approved by shareholders at an Extraordinary General Meeting held on 30th June 2003.

Mr Amer Deen, Chief Executive of Mosaique PLC, said: “We are extremely pleased with the response we received to the fund raising. The demand clearly demonstrates shareholders’ confidence in the transformation of the business currently being undertaken by the Board.”

At the EGM held on 30th June 2003, shareholders approved the change of business activities through the establishment of a new wholly-owned subsidiary, Mosaique Financial Limited. Through this subsidiary, the Group will concentrate on the sale of off-shore financial products to high net worth individuals, mortgage and finance broking, participation in equity placings and assisting in raising finance and providing management consultancy services. Mosaique Financial’s initial activities are being confined to business not regulated by the Financial Services Authority, as it is currently seeking authorisation.

Mr Nicholas Richardson, Chairman of Mosaique PLC, said: “The Board considers that it is in the Group’s best interest that revenue be generated immediately and that the initial focus of business will allow it to do this while FSA approval is being sought. Once this is obtained, we will widen the range of products and services that we offer to include those that are regulated.”
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