(Alliance News) - Ridgecrest PLC on Wednesday said it has conditionally raised GBP2.0 million before expenses via a proposed placing.
The cash shell said it issued 333.3 million shares at a price of 0.6 pence per new share. Ridgecrest shares closed up 20% at 1.679p each in London on Wednesday.
The placing is not underwritten and has been arranged by Peterhouse Capital Ltd, which has also been appointed as the company's joint broker with immediate effect.
On January 5, the company reported completion of the disposal of the entirety of its recruitment operating businesses to Sanderson Group and accordingly the change of its status to cash shell.
As such, Ridgecrest said it is required to make an acquisition on or before the date falling six months from completion or be re-admitted to trading on AIM as an investing company, failing which, its shares would be suspended from trading on AIM.
The company said it intends to use the net proceeds of the placing for its general working capital purposes and to assist it in identifying and pursuing acquisition opportunities.
Ridgecrest said it currently expects to have net cash of GBP200,000 once the completion accounts have been finalised, and not taking into account the net proceeds of the placing.
In a separate statement, the company said Non-Executive Director Timothy Sheffield has resigned and it has appointed Philip Holt and James Normand to the board, both as non-executive directors, all with immediate effect.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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