(Alliance News) - Immedia Group PLC on Friday said it plans to raise gross proceeds of GBP3.0 million through a placing and subscription.
The Newbury, Berkshire-based audiovisual and digital communications solutions provider said it will issue 10.4 million shares at 0.25 pence through a placing. It also plans to issue 1.6 million at the same price in a subscription.
Shares in Immedia were up 8.1% at 32.98 pence in London on Friday.
"The uncertainty of trading conditions caused by the pandemic remains. However, since the pandemic began there has been a significant reduction in the operating costs of the business and we continue to maintain a prudent trading outlook for 2021, and Q1 in particular. Nevertheless, the board is committed to its goal of delivering enhanced value to shareholders and, as set out below, considers it prudent once more to introduce new capital into the company," Immedia said.
By Zoe Wickens; zoewickens@alliancenews.com
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