highlights19 Feb 2016 07:07
Not sure how 26% discount is a highlight? Lower than 52 week low price...
Highlights
· Placing of 17,952,302 Placing Shares and Subscription of 2,990,198 Subscription Shares to existing and new investors to raise gross proceeds of £1.3 million
· The Issue Price represents a discount of 26 per cent. to the closing mid-market price of 8.125 pence on 18 February 2016
· The net proceeds of the Placing and Subscription will allow the business to take advantage of additional procurement opportunities to reduce costs and increase margin, while providing adequate working capital to support the Company through its strategic refocus
· The Placing and Subscription are not underwritten. The Placing is conditional, inter alia, upon:
o the placing agreement between the Company and Cantor Fitzgerald Europe (the "Placing Agreement") having been entered into and becoming unconditional and not having been terminated in accordance with its terms prior to admission of the Placing Shares to trading on AIM ("Admission"); and
o Admission of the Placing Shares having taken place not later than 8.00 a.m. on 25 February 2016 or such later date as Cantor Fitzgerald and the Company may agree (being not later than 4 March 2016).