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LONDON (Alliance News) - Telecom services provider Toople PLC on Tuesday said it raised GBP2.2 million through an oversubscribed share placing to fund potential acquisitions.
The company said it issued 733.3 million shares at a price of 0.3 pence each. The stock was trading 49% lower on Tuesday at 0.38p per share following the announcement. Prior to the placing, Toople had 204 million shares in issue.
Toople intends to use the cash to purchase earnings enhancing firms which fit with its stated strategy. The company also plans to enhance its service offerings and fund its working capital.
"We are delighted to announce this over-subscribed placing," said Chief Executive Andy Hollingworth.
"We expect this funding to see the company through to positive cash flow generation and to provide us with a stable financial platform to exploit the new business pipeline we are creating," added Hollingworth.