30th Oct 2014 12:33
LONDON (Alliance News) - AFC energy PLC Thursday said it has received acceptances for one quarter of the shares available through its open offer announced earlier this month.
On October 8, the company said it was going to raise up to a maximum of GBP3.9 million via an open offer to be made to all qualifying shareholders in the company to purchase shares at a price of 10 pence per share. AFC shares were down 5.1% to 9.38 pence per share Thursday afternoon.
The open offer was conducted on the basis of 4 open offer shares for every 23 existing shares held by qualifying shareholders, with the opportunity for qualifying shareholders to apply for additional shares not taken up under the open offer by other qualifying shareholders.
AFC Energy received acceptances for 9.2 million shares, which represents 23.7% of the total amount of open offer shares available. From these shares, the company has raised GBP920,862 from its open offer, which is now closed.
AFC Energy plan to use the money raised to fund a key project and further enter commercial markets.
By Joshua Warner; [email protected]; @JoshAlliance
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