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Rage makes quick £5m

Shareholders' meeting votes through issuing of new shares

Liverpool-based developer and publisher Rage Software got a cash lifeline today as shareholders voted through a proposal to issue new shares in the company. Around 117m new shares were applied for by existing shareholders, with another 280m issued to investors. The only remaining hurdle now is getting approval for the trading of the new shares from the UK Listing Authority and stock exchange. All told the move should raise around £5m minus expenses for Rage, which should be enough to stave off the threat of having their overdraft called in by the Royal Bank Of Scotland. "Rage is very pleased to have successfully secured .. the working capital needed to help restore stability into the company's balance sheet", Rage MD Paul Finnegan commented, adding that "the Board of Directors believe that the company has its strongest line up of game titles ever due for release during the next 12-18 months across all of the leading console platforms. Further, through several strategic partnerships recently entered into in mainland Europe and in the United States, we believe that the Company has the opportunity to realise the significant investment we have made within our product development area during the past 18-24 months and successfully take the Company forward as a leading games publisher and developer." Related Feature - Rage looks for cash injection

Thanks - David Ellis