LONDON (Alliance News) - eServGlobal Ltd said Thursday that it will take part in its investee's, HomeSend SCRL, capital raise in order to retain a 35.68% stake in the firm.
HomeSend is looking to raise EUR47.0 million in total with the first tranche of funding of EUR6.1 million to be used for working capital purposes.
This tranche will be raised through the issue of new shares in HomeSend to be offered pro rata to the existing shareholders.
eServGlobal will subscribe and pay for its pro rata allocation of the new shares by November 30, to ensure it retains its level of holding in HomeSend.
eServGlobal shares were trading up 3.7% at 5.78 pence each on Thursday.