(Alliance News) - Tricorn Group PLC on Friday said it intends to raise a total of GBP1.5 million through a placing, subscription and open offer which will go towards funding expenditure and for working capital purposes.
The tubing manufacturer priced the placing at 10 pence per share, a discount of around 28.6% to the closing price of 14p on Thursday. Shares in Worcestershire-based Tricorn were 14% down at 12.03p each on Friday morning in London.
Tricorn has conditionally raised a total of GBP1 million through a placing of 4.6 million shares and a subscription of 5.4 million shares.
The company also said it is looking to raise an additional GBP490,000 through an open offer. The open offer will give qualifying shareholders the opportunity to subscribe for shares at the same price per share as the placing, on the basis of one open offer share for every seven existing shares.
Tricorn said it has also agreed, conditional upon admission, to issue 25,000 new shares at 10p each to Shore Capital as part-payment for its corporate advisory services in connection with these transactions.
By Ife Taiwo; ifetaiwo@alliancenews.com
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