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LONDON (Alliance News) - Wireless tracking company Starcom PLC said Thursday it has conditionally raised GBP450,000 before expenses through the placing of 30.0 million shares at price of 1.50 pence per share.
Starcom said it will use the proceeds to fund marketing activities for its product range, in particular the new version of the padlock Watchlock, which is planned for launch next month, and its Tetis range of products, which track the status of containers.
Following the issuance, the company's share capital will comprise of 135.8 million shares.
Starcom said the placing shares will be executed in two tranches, with the second tranche relating to subscriptions made by the company's directors and founding shareholders.
Chief Executive Avi Hartmann has subscribed for 3.1 million shares, taking his total holding to 20.7 million shares or 15% of the enlarged share capital.
Non-Executive Director Avi Engel has subscribed for 498,334 shares, in his first share dealing, and will hold 0.4%.
Chairman Michael Rosenberg has subscribed for 1.2 million, taking his holding to 1.4 million, or 1.0% of the enlarged total. Rosenberg's shares are held through his personal pension plan.
Both Chief Technical Officer Uri Hartmann and Chief Operating Officer Doron Kedem subscribed for 3.1 million shares each, and each now hold 22.1 million shares for 16.3% each of issued share capital.
The second tranche of the placing will be subject to shareholder approval, Starcom said.
Shares in Starcom were up 27% at 1.90 pence on Thursday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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