(Alliance News) - Strix Group PLC on Wednesday reported that it had successfully raised GBP13 million before expenses from a share placing which opened on Wednesday.
The Isle of Man-based kettle safety controls provider undertook the placing to raise funds for its acquisition of Billi. Billi is an Australian brand supplying filtered and non-filtered instant boiling, chilled and sparkling water systems.
On Wednesday morning, when the placing was announced, the company aimed to raise GBP10 million to fund part of the deal's total value of GBP38 million.
11.3 million shares were placed with new and existing investors at a price of 115 pence each. This was a 10% discount to the closing mid-market price on October 3, and 8.0% when taking into account the interim dividend of 2.75p.
Various directors participated in the placing including Chair Gary Lamb, who bought 173,913 shares for GBP200,000. Chief Financial Officer Raudres Wong bought 86,957 shares for a total of GBP100,000.
The placing shares represent 5.5% of the company's share capital.
Shares in Strix closed 5.8% higher at 120.40 pence each on Wednesday afternoon.
By Chris Dorrell; chrisdorrell@alliancenews.com
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Strix (KETL)