(Alliance News) - Trafalgar Property Group PLC said Monday that following the passing of all resolutions at a general meeting held earlier, the company's broker, Peterhouse Capital Ltd has raised GBP750,000 through a share placing and subscription.
The Kent-based residential homes developer issued 937.5 million shares at a price of 0.08 pence per share. The new shares represent 66% of share capital of the company.
The cash will go towards the part repayment of existing debt, and position Trafalgar to take advantage of new opportunities, it said.
Shares in Trafalgar were up 7.0% at 0.23 pence on Monday in London.
Chief Executive Officer Paul Treadaway has subscribed for 81.3 million shares for GBP65,000 in total, and one warrant for each share subscribed for. He now holds 187.7 million shares, a 13% stake in the company.
Following the issue, Trafalgar Property has 1.43 billion shares issued overall, giving the company a market capitalisation of GBP3.3 million at its current share price.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Trafalgar Prop (TRAF)