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    Date: Wednesday 03 Sep 2008

    LONDON (ShareCast) - Utility billing services group Spice is beefing up its balance sheet with a £50m placing of new shares to instituions.

    KBC Peel Hunt placed the 49m new shares at a price of 102p(equivalent to 510p after a proposed five for one share split).

    Spice say the placing will marginally dilute earnings per share befopre one-offs by approximately 1% in year ending 30 April 2010. The money raised will be used to reduce current levels of bank debt.

    Spice added it has started the new financial year well, with trading for the period to 31 July 2008 in line with its expectations. "Trading conditions within our electricity and energy markets remain particularly favourable where we have continued to make good progress," it added.

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