LONDON (Alliance News) - Pelatro PLC said Monday it has successfully raised the planned GBP6.0 million from its two share placings, both at a price of 73 pence per share.
Shares in Pelatro closed down 12% at 75.56 pence on Monday afternoon.
Earlier on Monday, Pelatro said it intends to use the placing proceeds to acquire marketing company Danateq Pte and Danateq Ltd in August.
The marketing software company issued 2.1 million enterprise investment scheme/venture capital trust shares and 6.1 million general shares in order to part-fund the Danateq acquisition.
Pelatro will seek shareholder approval to place the shares at its August 15 general meeting.
Following this, the company expects its acquisition of Danateq and certain of its assets to complete August 17. The total cost for the acquisition is USD7 million, with an additional deferred consideration of USD5 million.
The 73p placing price for each of these shares was a 15% discount to the company's closing mid-market price on Friday. Pelatro's enlarged share capital will be 32.5 million shares, with the placing shares forming 25% of the new total.