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LONDON (Alliance News) - Blue Star Capital PLC Monday said it has conditionally raised GBP150,000 before expenses through the issuance of 50 million shares at a price of 0.3 pence each.
The company, which currently invests in the security and surveillance sector, said the share subscription depends on a vote at an October 30 general meeting.
Blue Star would use the proceeds, which it estimated as GBP127,000 after expenses, to evaluate and make new investments, while also funding general working capital requirements.
The company described its current investing policy as focused on, "a very specific segment of the market" and said that although security and surveillance remains of interest, the shareholders would benefit from "significant opportunities in certain other sectors".
Blue Star identified those other areas as being in internet, television and social media and/or companies engaged in telecoms, gaming and media.
Blue Star shares were Monday quoted at 0.54 pence, down 0.085 pence, or 13.6%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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