LONDON (Alliance News) - Stanley Gibbons Group PLC on Monday said it will raise GBP13.0 million by way of a firm placing and open offer.
The stamp and collectibles company said it will issue 92.3 million shares at 10 pence each through a firm placing, and 38 million shares through an open offer at the same price. The open offer is on a basis of 8 open offer shares for every 10 existing shares.
Shares in Stanley Gibbons were trading down 11% at 20.56 pence on Monday morning.
The proceeds will be used to repay debt, support a rationalisation exercise, complete the integration of previous acquisitions, and provide additional working capital.
Stanley Gibbons had previously guided to a GBP10.0 million fundraising in February, when it issued a profit warning and said it expected to report an adjusted pretax loss of between GBP1.0 million and GBP2.0 million for the financial year ending March 31.
By Karolina Kaminska; karolinakaminska@alliancenews.com @KarolinaAllNews
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