LONDON (Alliance News) - Hardide PLC on Tuesday said it raised GBP530,000 in a share subscription, and reiterated its commitment to its investment programme despite the challenges for its core market of oil services.
It has placed 66 million shares with investors and directors at a price of 0.8 pence. Shares in Hardide were down 2.6% at 0.755p Tuesday.
The advanced surface coating technology company said it plans to use the funds to invest in a range of projects it believes will enhance its shareholder value.
Hardide noted that it was aware of additional interest from institutional and private investors, and that some of these parties required confirmation from HMRC, the UK tax authority, that the funds will be eligible for Enterprise Investment Scheme tax relief. The company said it planned to obtain this confirmation and conduct a further fundraising at the same price for these investors, although they are not obligated to subscribe.
It said it does not expect this further fundraise to exceed GBP1.1 million, and said there is no guarantee it will take place.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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Hardide (HDD)