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(Alliance News) - Shares in biodegradeable plastics maker Symphony Environmental Technologies PLC jumped Friday after it raised GBP1.9 million through a premium-priced share subscription by Vincel Investment Holdings Ltd.
Shares in Symphony Environmental were 12% higher at 8.66 pence in London on Friday.
Vincel bought 15.5 million shares in Symphony for 12.5 pence each. In addition, Vincel has been granted 10.0 million warrants of which half has be exercised before late July 2020 at 20p per share and the remainder at 25p per share before late July 2021.
Following admission of the subscription shares - expected next Friday - Vincel will hold a 9.1% stake in the 170.0 million shares outstanding in the firm.
Vincel is owned by Shruti Lohia, the daughter of Indian businessman Prakash Lohia, who chairs Singaporean plastics maker Indorama Corp.
Symphony said the funds would be used to support "continuing development and investment in a range of core complementary technologies" as well as general working capital needs.
