LONDON (Alliance News) - eServGlobal Ltd said on Thursday it has raised GBP19 million to fund the company's share of an expected capital raise by its HomeSend joint venture and to help position the core eServGlobal business for sale.
Shares in eServGlobal were up 18% at 7.00 pence on Thursday.
The company said it has raised GBP19 million through a placing of 304.0 million shares at 6.25 pence each.
This will be used to fund eServGlobal's 35.7% share of an expected EUR50.0 million capital raise by the HomeSend joint venture. HomeSend was created by eServGlobal and MasterCard to provide cross-border payments.
Meanwhile, around GBP1.9 million of the proceeds will go towards positioning eServGlobal's core business for sale.
eServGlobal said it is in discussions with a "small number of interested parties" regarding the sale of its core business, with an update on this expected to be announced within eight weeks.
