Eco Buildings Group PLC - London-based manufacturer of prefabricated modular housing products - Raises GBP827,000 via a subscription for 6.89 million new shares. The subscription, taken up by existing shareholders, is at a price of 12.00 pence per share, a 4.3% premium to Eco Building's Wednesday closing price of 11.50 pence. The subscription remains conditional on admission of the new shares to trading on AIM, expected to occur no later than next week Tuesday.
Eco Buildings says that the proceeds will help to accelerate its production of modular housing, satisfy its EUR114 million order book over three years and to "support growth in new geographic areas". The company expects to receive its first revenue in the current, first quarter of 2024. In October, Eco Buildings reported EUR32,000 in revenue for the six months ended June 30, up from no revenue the year before.
Current stock price: 11.13 pence per share, down 3.2% in London on Thursday morning.
12-month change: up 111,220%
By Hugh Cameron, Alliance News reporter
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Eco Buildings (ECOB)