The People’s Operator plc joins AIM
London Stock Exchange is pleased to welcome The People’s Operator plc ("TPO") to the AIM market today, 4th December 2014. TPO is the world’s first cause-based commercial mobile virtual network operator with a strategy of customer acquisition through viral networking and online communities. It offers customers competitively priced pay monthly ("PAYM") or pay-as-you-go ("PAYG") mobile contracts, allowing users to direct 10% of their monthly bill to a cause of their choosing at no cost to themselves. In addition, The TPO Foundation, a UK registered charity, will receive 25% of TPO's UK trading profits. A similar structure is proposed to be adopted in other countries as TPO expands globally, starting with a launch in the United States in 2015.
The company commenced dealings on AIM under the ticker TPOP at 8am this morning, following a successful fundraising, in which it raised gross proceeds of approximately £20 million at a placing price of 130p per share.
Andrew Rosenfeld, Chairman, commented:
"We are delighted to have received such strong demand from high calibre investors, recognising TPO’s compelling proposition as the world’s first cause-based commercial mobile virtual network operator with a strategy of customer acquisition through viral networking and online communities.
"The Group’s admission to AIM and the placing represents a significant milestone, giving us a strong platform from which to initially roll out our strategy in the world’s largest mobile phone market, the US, and we look forward to providing shareholders with further updates on our progress."
finnCap is acting as nominated advisor and broker in respect of the placing, with MHP Communications advising on financial PR.