Likewise sinks on GBP2 million raise and plans to raise further funds

(Alliance News) - Shares in Likewise Group PLC plummeted on Monday morning after the floor coverings distributor announced it had raised GBP2.0 million in an open offer and plans to raise further funds by extending the offer.

Shares were down 13% at 41.20 pence in London.

Likewise said that due to the open offer being over-subscribed, it would be extended so that a further 5.7 million shares could be issued.

The extension will result in an increase in proceeds raised under the open offer to GBP4.0 million, Likewise asserted. The group expects to raise a total of GBP16.0 million comprising GBP12.0 million from the firm placing, GBP2.0 million from the open offer and GBP2.0 million from the extended open offer.

By Will Paige; willpaige@alliancenews.com

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