Finseta raises £0.9m through retail offer, placing and subscription

(Sharecast News) - Finseta said on Friday that it has raised a total of £0.9m through a retail offer, placing and subscription, with the retail tranche closing on 16 April.

The AIM-traded foreign exchange and payments solutions provider said 799,087 retail offer shares would be issued at 8.5p each via the BookBuild platform.

In total, the fundraise comprised the issue of 10,863,185 new shares at the same price, including 8,400,280 shares placed with investors and 1,663,818 shares issued under the subscription.

The company added that chief executive James Hickman had elected to complete his participation through the retail offer, subscribing for 60,000 shares as part of the total retail allocation.

Admission of the new shares to trading on AIM was expected to take place on or around 20 April.

Following admission, Finseta would have 70,432,918 shares in issue, with the new shares ranking pari passu with existing equity.

Finseta noted that while the retail offer was separate from the placing and subscription, its completion was conditional on those elements proceeding and on admission of the new shares.

At 0855 BST, shares in Finseta were down 0.29% at 8.48p.

Reporting by Josh White for Sharecast.com.

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