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LONDON (Alliance News) - Starcom PLC said Monday that it had raised GBP2 million through the placing of 13.3 million new shares, which it will use to fufill product orders, continue investment in research and development and build up its inventory to satisfy future sales.
The tracking and monitoring technology company places shares at a price of 15 pence. In the placing Chief Executive Officer Avi Hartmann subscribed for 333,334 shares, and Chairman Michael Rosenberg for 20,000.
Additionally founders Uri Hartman and Doron Kedem subscribed for 333,333 shares each.
"We are delighted with the result of the placing and with the support shown by both existing and new shareholders for our business and products," said Hartmann in a statement.
Shares in Starcom were trading down 10% at 17.25 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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