(Alliance News) - Bilby PLC said Thursday it intends to raise GBP2 million through a placing and subscription, which will go towards improving its working capital position.
The gas heating, electrical and building services provider did not disclose how many shares would be issued in the fundraise, or at what price per share.
Shares in Bilby closed 3.6% lower at 22.66 pence on Thursday in London.
By undertaking the fundraise, Bilby has agreed with HSBC UK Bank to be granted temporary amendments to its financial covenants until June 2020 which will provide Bilby with more time and flexibility to agree to debt facilities, a process that could lead to further equity fundraising.
Canaccord Genuity Ltd will act as nominated adviser, sole bookrunner and broker for the placing.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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