(Alliance News) - Tricorn Group PLC on Tuesday confirmed that its "heavily oversubscribed" open offer closed for acceptances on Monday.
The AIM-listed pipe and tubing assemblies manufacturer said it has secured 6.4 million valid applications from shareholders, including applications under the excess application facility, raising GBP490,000.
The offer was priced at 10 pence a share. Tricorn shares were trading 7.4% lower in London on Tuesday at 10.19p each, giving it a market capitalisation of GBP3.5 million.
Tricorn has previously raised a total of GBP1 million through a placing of 4.6 million shares and a subscription of 5.4 million shares.
As a result, a total of GBP1.5 million was raised through a placing, subscription and open offer which will go towards funding expenditure and for working capital purposes.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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