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(Alliance News) - ADVFN PLC on Friday said it closed its open offer, issuing 17.3 million shares, to raise funds for the development of new products and tools.
The London-based operator of financial information websites for private investors said the open offer made available GBP6.8 million worth of shares at 33 pence each. Take up was around 84% of the 20.7 million available shares, meaning it raised around GBP5.7 million.
Chief Executive Officer Amit Tauman applied for his basic entitlement in full, applying for excess shares under its excess application facility for an aggregate of 3.3 million open offer shares for GBP1.1 million.
His father Yair Tauman also exercised his basic entitlement in full for an aggregate 1.8 million open offer shares.
ADVFN first announced the fundraise on December 6, allowing qualifying shareholders to subscribe at an issue 33.00 pence per open offer share on the basis of 11 open offer shares for every 14 existing ordinary shares.
On December 20, it then announced an extension of the open offer closing date to Thursday.
The company has said it will use the funds to develop new products and tools, including a new mobile app, as well as to improve and enhance its existing offering.
Shares in ADVFN were up 4.2% to 34.90p each in London on Friday morning.
By Greg Rosenvinge, Alliance News reporter
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