(Alliance News) - Directa Plus PLC said Friday it has raised around GBP175,900 through its open offer of shares, well below its initial maximum target of GBP1 million.
The company, which produces and supplies graphene-based products like golf balls, sportswear jackets and footwear, issued 234,547 shares to qualifying shareholders at a price of 75 pence per share.
In addition to the placing that raised GBP7.2 million through the issue of 9.6 million shares, Directa Plus has raised GBP7.4 million in total.
Shares in Directa Plus were up 1.4% at 73.00 pence on Friday in London.
Proceeds from the placing and open offer will go towards funding the acquisition of a 51% stake in Setcar SA, a Romanian waste management and decontamination services business for EUR4.1 million.
The acquisition was announced at the end of September.
Following the share issue, Directa Plus now has 61.0 million shares issued overall.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Directa Plus (DCTA)