LONDON (Alliance News) - Low & Bonar PLC on Tuesday said 83% of the shares offered in its open offer announced at the end of January were taken up by investors.
Low & Bonar announced the placing at the time of its annual results, where its pretax loss doubled as revenue fell 3.3%.
The performance materials firm placed 359.6 million shares at 15 pence each in both a placing and open offer to raise GBP54 million, to help strengthen its balance sheet, aid it return to profit, and address some historical issues.
Of that, 327.0 million of the shares were in the open offer, with 270.8 million of them taken up. The rest will go to placees with whom the open offer shares were conditionally placed in the placing, Low & Bonar said.
The stock was down 1.4% on Tuesday morning at a price of 17.16 pence each.