LONDON (Alliance News) - Sabien Technology Group PLC on Friday said it raised GBP400,000 via a share placing as it no longer expects to achieve a monthly break-even target by December.
The company also said that Chairman Bruce Gordon will step down from the board on completion of the share placing to focus on other business ventures.
The energy saving products manufacturer will place 400 million new ordinary shares with new and existing investors at a price of 0.1 pence per share. It blamed slower than expected sales pipeline conversion for missing its monthly break-even target.
Sabien shares were trading 46% lower on Friday at 0.11 pence each.
The proceeds of the placing will be used to provide additional working capital for the company and in particular, to support activities to generate orders from the sales pipeline.
In addition, Sabien said it will evaluate additional acquisition and investment opportunities to enhance the long-term value of the company for shareholders.
The company appointed John Taylor as a non-executive director and said it intends to make additional new board appointments "in due course".
Taylor spent over 20 years in the Army Air Corps, leaving in 2015 with the rank of colonel, the company said. He joined the board of video-game focused software firm Kin Group PLC in November last year as a non-executive director.
Sabien Tech. (SNT)