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2 November 2009

BGLOBAL PLC

("bglobal" or "the Company" or "the Group")

Issue of Equity 

Bglobal plc (AIM: BGBL), a leading provider of smart metering solutions to the energy market, is pleased to announce that Charles Stanley Securities has conditionally placed with certain institutional and other investors 4,586,897 new Ordinary Shares ("New Ordinary Shares") at 49 pence per share to raise £2.25 million for the Company ("Placing").

The proceeds of the Placing will be used to fund the accelerated roll out and delivery of meters and as a result move to a higher consistent level of monthly installations with an increased buffer of new stock for the enlarged sub contractor base that the Company has recently put into place and augment the Company's existing working capital facilities. 

As announced on 8 October 2009, confirmed orders for smart meter installations from the Group's major utility customers have increased significantly (following the resolution of meter asset funding difficulties towards the end of the first quarter). The pace of installation is expected to remain at or above 4,000 per month during the second half of the financial year. 3,993 meters were installed in September.

The Company has secured several new orders from both the large UK utilities and through direct sales to SME and large businesses. In September the Company signed a framework agreement to deliver smart metering installation services to Gazprom Marketing & Trading Retail Limited ("GM&TR"), the UK retail arm of the Russian energy company Gazprom, which has recently entered the UK electricity market. The Company continues to install for three of the UK's Big Six energy suppliers, British Gas Business, Npower and Scottish and Southern, as well as several independent suppliers. Additionally the Company has also secured a number of new direct customers, most recently with Superdrug, Marriot International Hotels, Schuh and Yorkshire Building Society.

The New Ordinary shares represent approximately 5.83% of the enlarged share capital of the Company.

The Placing is not a rights issue or open offer and the New Ordinary Shares will not be offered generally to Shareholders on a pre-emptive basis. The Board considers that it is in the best interests of the Company and Shareholders as a whole for the funds to be raised through the Placing.

Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that Admission will become effective and that trading in the 250,000 New Ordinary Shares qualifying for VCT relief will commence on AIM at 8.00 a.m. on 5 November 2009, and the remaining 4,336,897 New Ordinary Shares will be admitted to trading on AIM on 6 November 2009.

The New Ordinary Shares will, when issued and fully paid, rank equally in all respects with the Existing Ordinary Shares, including the right to receive any dividend or other distribution declared, made or paid after the date of their unconditional allotment.

Anthony Barnes, Group Chief Executive of Bglobal, commented:

"Bglobal has recently installed its 70,000th smart meter in the UK non-half hourly business metering market, reaffirming our position in the sector as a leader in automated meter reading. With strong customer demand for our services and a steadily increasing order book, we believe we are in a position to further accelerate installation programmes for key customers who are committed to using Bglobal's smart metering services."

For further information visit www.bglobalplc.com or contact:

 

Tony Barnes	Mark Taylor	Simon Compton
Chief Executive	Freddy Crossley	Paul Young
Bglobal plc	Charles Stanley Securities Nominated Adviser	Tavistock Communications
Tel: 01254 819 600	Tel: 020 7739 8200	Tel: 020 7920 3150

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