LONDON (Alliance News) - Starcom PLC Monday said it has conditionally raised GBP475,000 via a share placing, funds to provide additional working capital for the business, and said its finance director has stepped down.
The wireless services company said it has raised GBP475,000 by issuing 11.9 million shares at 4 pence a share to existing institutional investors.
Starcom shares were down 18% to 4.8 pence in early trade, one of the worst performers in the AIM All-Share index.
Starcom also said Finance Director Eitan Yanuv has decided to step down to focus on his other business interests. He will be replaced by Ron Alroy, who will take over from June 15.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Star Energy (STAR)