(Alliance News) - St James House PLC on Friday said that it has raised GBP500,000 via a share subscription agreement.
The lottery and e-commerce services company said it will issue 1.7 million shares at 30 pence each under the subscription pact, which has been made with Auxilum Investere SJ Ltd, a company controlled by Michael and Linda Peters.
Following the share subscription, Auxilum Investere will own 30% stake in St James House.
St James House Chief Executive Graeme Paton said: "This incoming investment, along with the general improvements across the business that we outlined in yesterday's trading update means that our working capital position is significantly improving. Having overcome the challenges of the last few years, collectively, we believe the year ahead will see much progress."
The Berkshire, England-based company on Thursday reported an improvement in trading, but warned its working capital was constrained. The company had said the number of weekly lottery lines played was 39% higher year-on-year in December and that its payments division made progress in all areas.
St James House on Friday said it will additionally issue 791,667 shares at the same 30p price to settle GBP327,500 of outstanding liabilities.
Shares in St James House on Monday were up 6.3% at 34.00p each in London.
By Tapan Panchal; tapanpanchal@alliancenews.com
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