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LONDON (Alliance News) - Accrol Group Holdings PLC said Tuesday it will raise additional funds through a conditional open offer following last Tuesday's placing.
The toilet paper manufacturer is looking to raise GBP1.9 million through the issue of 12.9 million open offer shares at a price of 15 pence per share. The issue price represents a 38% discount on the May 21 closing price of 24.25p.
Shares in Accrol were up 5.6% Tuesday midday at 25.60p each.
Proceeds will go towards ensuring the restructuring programme to improve operational efficiencies can continue, paying the costs associated with the placing and support future working capital requirements.
The open offer comes after a placing of 53.3 million shares at 15.00p per share intending to raise GBP8.0 million last Tuesday.