Synthomer confirms it is eyeing capital raise amid refinancing

(Alliance News) - Synthomer PLC shares sank on Wednesday after it confirmed that it is considering raising capital in response to press reports.

Shares in Synthomer dropped 50% on Thursday to 28.60 pence.

On Wednesday, Sky News reported that the London-based developer of polymer chemicals was exploring plans to raise "tens of millions of pounds" from a sale of new shares to strengthen its balance sheet.

The company said it is working with lenders to refinance its existing debt facilities due in the second half of 2027.

As a result, Synthomer said it is considering a range of options to reduce its leverage, including the possibility of raising additional capital.

It said no decisions have been made as to whether, when, or on what terms any such options may be undertaken. The firm added that further announcements will be made as appropriate.

Sky News said that Synthomer is working with JPMorgan Chase & Co on the potential fundraising. It reported that Synthomer could seek to raise more than its entire market capitalisation, which was GBP90 million.

Sky added that the firm could also choose to raise a smaller sum.

By Michael Hennessey, Alliance News reporter

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