Fulcrum Utility Services Ltd - Sheffield-based utility infrastructure and services - Proposes to raise at least GBP19.5 million through a conditional placing of shares at a price of 12 pence per share.
In addition, the company will conduct an open offer to raise up to GBP6.0 million at the issue price, on the basis of nine open offer shares for every 40 existing shares held.
Proceeds from the fundraising will go towards supporting the company's growth strategy of entering the smart meter infrastructure market as a meter asset provider. Cenkos Securities is acting as broker and bookrunner for the placing.
"We are delighted to announce this fundraise. The injection of additional funds ensures we can fully capitalise on growth opportunities in meter asset ownership as they are presented to us and provides us with a strong platform to support our ambitious growth plans," says Chief Executive Officer Terry Dugdale.
Current stock price: 13.56 pence
Year-to-date change: down 62%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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