(Alliance News) - Pires Investments PLC shares soared on Friday, as the investment company said it plans to raise GBP1.1 million through a share placing.
The technology-focused investor said 22.7 million shares have been placed at 2.0 pence each, a 15% discount to its closing price on Thursday. This will raise GBP454,268.
On Friday afternoon in London, Pires was 61% higher at 3.78p.
Pires added that it has placed a further 30.3 million, raising GBP605,714. This portion of the placing is subject to shareholder approval.
"The company is now seeing an increased volume of new opportunities and therefore the board believes that it is important to have additional funds available to take advantage of these investment opportunities as they arise," Pires said.
RiverFort Global Opportunities PLC separately noted that it has agreed to subscribe for 10.8 million Pires shares in the placing, taking its holding to just shy of 23%.
Riverfort shares were flat at 0.65p each.
By Eric Cunha; ericcunha@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.