13th May 2014 09:19
LONDON (Alliance News) - Brady PLC said Tuesday that it is in advanced stages with regard to the raising of additional capital which would also result in the strengthening of its board.
Noting its share price movement - the stock was trading more than 35% higher in early trading Tuesday - Brady said it is expected that it will raise approximately GBP400,000 in new equity at a price of 0.5 pence per share.
The firm said that while the proposals remain subject to shareholder approval at a general meeting, if approved a new investing policy would be put in place and the funds raised will be used to enable the company to pursue its new investment policy, focusing on the natural resources sector in South East Asia.
Brady said that no definitive agreements have been signed and there can be no guarantee that such a fund raising will proceed.
Brady's shares dropped following the announcement, trading 13.51% at 0.8 pence per share Tuesday morning, one of the biggest fallers on the London market.
By Alice Attwood; [email protected]; @AliceAtAlliance
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