LONDON (Alliance News) - Radiation detection technology company Kromek Group PLC said Friday it has raised GBP1.0 million in an oversubscribed open share offer.
Kromek said it will issue approximately 5.1 million new shares at 20.00 pence each, having received valid acceptances for around 13.1 million shares.
Shares in Kromek were up 0.3% at 22.20p Friday morning.
Peter Williams, chairman of the company, subscribed for 13,932 shares in the offer, bringing his holding in the company to 43,932 shares. Derek Bulmer, finance director, subscribed for 16,817 shares, bringing his total to 56,817 shares. Jerel Whittingham, non-executive director, subscribed for 110.450 shares, bringing his total to 114,479 shares. All three hold stakes of around 0.1% in the company.
Additionally, Kromek said that Non-Executive Director Lawrence Kinet intends to purchase 50,000 shares in the open market, having not qualified to participate in the open offer due to living in the US.
Alongside the open offer, Kromek launched a firm placing in January which raised GBP20.0 million at the same price of 20p per share. The funds will strengthen the firm's balance sheet and support the increased commercial activity the firm has secured.
By Adam Clark; adamclark@alliancenews.com
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Kromek (KMK)