LONDON (Alliance News) - Events company Vitesse Media PLC on Friday said it has entered into a subscription agreement with its chairman to raise GBP250,000 in total.
Vitesse will issue Non-Executive Chairman Chris Ingram 13.9 million shares at 1.8 pence per share. Shares in the company jumped 41% to 1.93 pence after the announcement.
Vitesse said the subscription will involve Ingram paying GBP180,000 in cash to the company, with the balance to be applied to an outstanding GBP70,000 debt the company owes to him.
The funds will support the expansion of the business and will result in Ingram holding a total of 16.8 million shares, or a stake of around 26% in the company. Ingram will become executive chairman of the business following the subscription and become more involved in the day-to-day running of the company, Vitesse said.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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