Sabien Tech. Share News (SNT)

LONDON (Alliance News) - Sabien Technology Group PLC said Monday it has raised GBP400,000 in gross proceeds in a share placing, with Chairman Bruce Gordon subscribing to 14.8 million of the 80.0 million shares offered.

Sabien issued the shares at a price of 0.5 pence each, a 25% premium to its closing price on Thursday last week of 0.4p. Shares were up 25% on Monday at 0.50p.

Gordon's participation has raised his stake to 44.8 million shares, worth 24% of Sabien's enlarged share capital.

Sabien also said it has appointed Peterhouse Corporate Finance Ltd as its sole broker, effective immediately.