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Mercantile Ports & Logistics Ltd - Guernsey-based Indian port and logistics facility developer and operator - Raises GBP9.6 million through via subscription and a share placing on Thursday. Placing price was 0.45 pence, an 18% discount to Wednesday's closing price of 0.55 pence. PrimaryBid offer raises a further GBP500,000. Company will issue 2.24 billion new shares in total. Cenkos Securities PLC and Zeus Capital Ltd acted as joint bookrunners.
Non-Executive Director Karanpal Singh subscribes for GBP3.5m worth of shares via Hunch Ventures. Chair Jeremy Allen and Managing Director Jay Mehta subscribe for GBP50,000 shares each. Non-Executive Directors Howard Flight and John Fitzgerald subscribe for GBP40,000 and GBP25,000 of shares respectively.
Current stock price: 0.45 pence, down 18% today
Year-to-date change: up 50%
By Josie O'Brien; josieobrien@alliancenews.com
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