LONDON (Alliance News) - Ultrasis PLC said Friday that its fund-raising with its largest shareholder Paul Bell has fallen through, as Bell is "no longer in a position to participate."
It is in talks with "various parties" over alternative sources of funding it said.
Ultrasis has previously planned to raise GBP5.4 million through a subscription, open offer and loan facility that relied heavily on Bell - it had received valid acceptances for 264,067 open offer shares, however as the fund-raising will now not proceed the amounts lodged in relation to the open offer will now be returned.
Shares in the company remain suspended pending the clarification of its financial position.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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