LONDON (Alliance News) - iEnergizer Ltd Monday said it has raised GBP1.1 million through the placing of 22 million shares at 5 pence each with EICR Cyprus Ltd, a company connected with Non-Executive Director Anil Aggarwal, as the outsourcer needs the cash to comply with the terms of a USD135 million loan facility it entered into just over two years ago.
iEnergizer said the placing price represents a discount of approximately 78.72% to the closing price of 23.5p per share on August 14. iEnergizer shares were untraded at 23.5p on Monday morning.
Aggarwal is the ultimate shareholder of EICR Cyprus, which now owns 157.2 million shares, representing 82.68% of iEnergizer's issued share capital.
iEnergizer agreed the six-year senior secured term-loan facility with a syndicate of commercial lenders in May 2013. The proceeds of the placing will be used to pre-pay part of the facility, the company said on Monday.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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