ACC.L Share News (ACC)

LONDON (Alliance News) - Access Intelligence PLC on Wednesday said it intends to raise GBP2.8 million through a significantly oversubscribed conditional placing of 70.0 million shares at a price of 4.00 pence each.

The stock was trading 3.5% lower at 4.20p per share on Wednesday afternoon.

The software company said that the fundraising will be conducted by investment bank Allenby Capital Ltd and represents an 8.1% discount to the closing mid-market share price of 4.35p on Tuesday.

The placing is conditional on shareholder approval.

Following the admission, the company will have 486.6 million shares issued overall. Hence, the placing shares represents about 15% of the company's enlarged share capital.

"We are delighted with the results of the oversubscribed fundraise and are particularly pleased with the support shown by two significant institutional shareholders with a deep knowledge of the UK software sector," said Chief Executive Joanna Arnold.

"This placing gives us the ability to scale our integrated communications platform and enable Access Intelligence to accelerate towards the next stage of its development," Arnold added.