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(Alliance News) - Van Elle Holdings PLC on Thursday said it has raised GBP6.7 million through the placing of 26.7 million shares at 25 pence each.
The stock closed 1.6% lower on Thursday in London at 31.00p each.
The geotechnical engineering firm said the funds will provide it with sufficient liquidity amid Covid-19 related disruption. It added that the amount - along with additional debt finance currently being explored - will allow it to respond quickly as soon as the market recovers.
"The board believes that the long-term opportunity for the group remains significant. This fundraising provides the group additional flexibility to manage the impact of Covid-19 as well as potential capacity to support growth investment as markets recover," said Chief Executive Mark Cutler.
Substantial shareholders Ruffer Investment Management, Otus Capital Management and Premier Miton Investors subscribed for 5.3 million, 5.1 million and 3.4 million placing shares, respectively.
Following admission of the placing shares, Van Elle's total issued share capital will comprise 106.7 million shares.
By Ife Taiwo; ifetaiwo@alliancenews.com
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