RE: 111m New Shares - What Does This Mean?27 May 2025 16:44
There was a high demand for shares, with only 74.66m currently people wanted in. So offered a placing at 0.9. The shares can only be issued if there is a prospectus and will also hold a gm for shareholders approval. Should get an rns sometimes this week regarding when the meeting will take place.
The Fundraise has been undertaken by means of the Placing pursuant to which, the Company will issue 111,111,111 ordinary shares at a price of 0.9p per new ordinary share ("Issue Price").
The Company is in the process of submitting a prospectus to enable the issue of shares above the current threshold of 19.99% as set in the prospectus rules. The Company will also be calling a General Meeting in the coming days to approve inter alia the allotment of the Fundraise Shares. The allotment of the Fundraising Shares will be conditional inter alia on the publication of an Financial Conduct Authority approved simplified prospectus and the passing of certain resolutions at the General Meeting.