LONDON (Alliance News) - AFC Energy PLC on Friday confirmed the scale back of applications it would provide to investors involved in its over-subscribed open offer.
AFC said on Monday it had received 20.5 million applications to subscribe for shares in the open offer, despite only 5.6 million being on offer. The company has raised GBP1.1 million by issuing 5.6 million shares at 20.0 pence.
On Friday, the industrial fuel cell company said subscribers would get around 26% of the shares they applied for.
AFC shares were up 9.6% to 25.75 pence early Friday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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AFC Energy (AFC)