LONDON (Alliance News) - Xeros Technology Group PLC on Wednesday said it is in the late stages of talks with existing shareholders and other investors to raise up to GBP40.0 million.
The money would be raised by issuing shares at 225 pence per share, Xeros said in response to a fall in its share price. Shares in Xeros were down 8.2% at 225.00p on Wednesday afternoon.
"The proceeds of the placing will be used to build on Xeros' progress in its commercial laundry business and to capitalise on opportunities for its polymer bead innovation in other applications, including in the leather processing and domestic laundry markets," Xeros said in a statement.
"The non pre-emptive placing will be subject to shareholder approval and will be dilutive to shareholders who do not participate in the placing pro-rata to their existing shareholding," the company added.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Xeros Tech (XSG)