RE: Profit or Loss17 Feb 2018 10:27
9 January, 2018 | 2:12PM
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LONDON (Alliance News) - The People's Operator PLC said Tuesday that UK spread betting operator Spreadex Ltd has expanded its stake in the mobile network operator to 14.1% from 2.8%, crossing that threshold in a transaction on January 2.
After the transaction, Spreadex held 423.0 million shares in the People's Operator. This is equivalent to a 14.1% holding in the 3.00 billion shares outstanding, an increase from the 2.8% interest held by Spreadex prior to the transaction.
The transaction occurred the same day shares in the People's Operator collapsed after trading was resumed after being temporarily suspended.
Shares in the The People's Operator were suspended in mid-December after settlement delays in relation to transactions in the stock had "continued to deteriorate", the London Stock Exchange said at the time.
Shortly after suspension, The People's Operator raised a further GBP35,000 through the issue of a further 35.0 million shares at 0.1 pence each, as part of a fundraising of up to GBP3.2 million.
This followed an announcement in early December in which the mobile network operator had conditionally raised GBP2.8 million through the issue of 2.79 billion new shares. Prior to that issuance, the company only had 141.8 million shares outstanding.
Shares in The People's Operator were 9.3% lower at 0.102 pence on Tuesday, having traded as high as 10.46 pence in the past 12 months.
By Ahren Lester; ahrenlester@alliancenews.com.
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