LONDON (Alliance News) - Modern Water PLC said Monday it raised GBP341,317 in an open offer as shareholders took up just 38% of the shares offered.
The company will issue 3.8 million shares at 9.0 pence each. Admission is expected on Friday, following which, the firm will have 104.2 million shares in issue.
Modern Water shares were trading down 4.1% at 8.73p each.
Qualifying shareholders will have an entitlement of 1 open offer share for every 10 shares held and could also apply for additional shares.
Earlier in October, the company announced the offer which aimed to raise proceeds of GBP900,000 through the issue of up to 10.0 million shares at 9.0p.
Modern Water develops technology to monitor the quality of water and wastewater.
