Bilby successfully raises ?2m through placing and subscription

(Sharecast News) - Gas heating, electrical and building services provider Bilby announced the completion of its fundraise on Friday, confirming that it conditionally raised an aggregate sum of about £2m by way of a placing and a subscription of 18,181,818 new ordinary shares at a price of 11p each.
The AIM-traded firm said the new shares were offered by way of an accelerated bookbuild, with Canaccord Genuity acting as nominated adviser, sole bookrunner and sole broker in relation to the placing.

It confirmed application had been made for admission of the new shares, which was expected to occur at 0800 GMT on 20 November.

"The total number of new shares to be issued represents approximately 44.85% of the company's existing share capital and approximately 30.96% of the enlarged share capital," the Bilby board said in its statement.

"The issue price represents a discount of approximately 52% to the closing mid-price of 23p on 14 November, being the last business day immediately prior to the announcement of the fundraise."

At 1550 GMT, shares in Bilby were down 21.74% at 18p.