15th Jan 2019 13:28
LONDON (Alliance News) - Altitude Group PLC on Tuesday confirmed it has raised more money than planned in its share placing announced last week.
Altitude has raised GBP9 million gross by placing 13.2 million new shares at 68 pence each. Last Friday, it hoped to raise GBP7.0 million at the same price.
Shares were 5.1% higher on Tuesday afternoon at 77.77p each.
finnCap Ltd has acted as the sole broker for the placing. It was made up of a firm placing of 5.3 million shares and a conditional placing of 7.9 million shares.
The cash was partly to go towards its USD5 million maximum deal for AI Mastermind, the membership-based trade group of promotional products distributor Advertising Industry Mastermind Group LLC.
Non-Executive Chairman Peter Hallett commented: "I am delighted to announce the successful conclusion of this fundraise with support from both existing and new shareholders. Altitude values the ongoing support it has received from its existing shareholders and welcomes the many new institutional investors as shareholders in the company."
"The proceeds from the placings will enable Altitude, via its acquisition of AI Mastermind, to successfully monetise the USD1.7 billion throughput revenue pipeline that exists within the AI Mastermind distributor member group from both the distributor and supplier side and deliver further value to shareholders."
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Altitude Group