LONDON (Alliance News) - Bould Opportunities PLC said Wednesday it will look to raise up to GBP660,000 through a heavily discounted open offer of shares, shortly after changing its name and strategy.
Bould will issue up to 5.3 million shares at 0.0125 pence each, offering one new share for each existing share held.
Shares in Bould were 24% lower at 0.04 pence on Wednesday, giving it an implied market capitalisation of GBP2.0 million.
The fundraise follows Bould changing its name from Photonstar LED Group PLC in mid-April after becoming a cash shell. On Wednesday, Bould also confirmed it was still in the process of selling its operating subsidiary PhotonStar Technology Ltd.
Shortly after changing its name in mid-April, Bould confirmed that "current cash position is enough to meet the company's immediate cash requirements, it is not enough to deliver on the new strategy" and thus was looking at fundraising options.
At the time, Bould emphasised it did not currently have a reverse takeover target in mind despite this being its intention and requirement as a cash shell on the AIM market of the London Stock Exchange.
