(Alliance News) - Fulcrum Utility Services Ltd said on Friday it has raised proceeds of GBP1.2 million through an open offer.
The offer closed at 1100 GMT on Thursday, and received acceptances on 10.1 million shares. Nine open offer shares were offered for every 40 existing shares held, at a price of 12 pence each.
The plan for an open offer was first announced by the Sheffield-based utility infrastructure and services company on December 15, with the intention to raise up to GBP6.0 million. The broker and book-runner for the offer was Cenkos Securities PLC. The company had already raised proceeds of GBP20.1 million from a conditional placing of 167.0 million shares on the same terms in December.
The proceeds will go towards supporting the company's strategy to enter the smart meter infrastructure market as a meter asset provider.
Fulcrum's share price rose 2.5% to 13.50 pence on Friday afternoon in London.
The utility company also said that all resolutions set out in its notice of a general meeting on December 17, 2021 were passed, with results available 'shortly'.
By Elizabeth Winter; elizabethwinter@alliancenews.com
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