Boca Raton, Fla., Oct. 30, 2009 -- Planet Payment, Inc. (UK: LSE:AIM: PPT and PPTR; USA: OTCQX: PLPM), a leading international multi-currency payment and data processor, is pleased to announce that it has raised $4 million (approximately ÂŁ2.4 million) (before expenses) via a placing of 3,076,000 new common shares ("Common Shares") at a price of $1.30 (80p) per share (the "Placing"). The Common Shares were issued to existing institutional and other investors in the Company, in the US and the UK. The US investment was facilitated by Littlebanc Advisors, LLC.
The net proceeds of the Placing will provide additional working capital to maintain and enhance the growth of the Company's business.
Planet PaymentÂ® is an international data and payment processor dedicated to enabling globally focused processors, acquiring banks and merchants to accept, process and reconcile credit card transactions in multiple currencies, since 1999. Planet Payments innovative multi-currency solutions work within the popular credit card infrastructure, easily integrating with top acquirers, processors, gateways and POS solution providers in the United States, Canada, Europe and the Asia Pacific region. Planet Payment is headquartered in Long Beach, New York with offices strategically located in the United Kingdom, Singapore, Atlanta, Delaware, Bermuda, Hong Kong, Shanghai and Beijing.
Littlebanc, an investment banking boutique, specializes in finding small, high quality growth companies. Within the small and micro cap universe, both public and private, valuation gaps often exist, making this area one of the last bastions of information arbitrage. With its roots in research, Littlebanc can add value to buy side professionals by sourcing and delivering select alpha producing opportunities.
Please visit us on the web at www.littlebanc.com for more information and to view our 90 second video tour presentation.
Source: Company press release.