21st Mar 2014 09:29
LONDON (Alliance News) - C A Sperati PLC Friday said it will join London's AIM market on Monday and that it has raised GBP250,000 through a share placing related to its admission.
The buttons and bows merchant said on Monday the cancellation of its admission to trading on London's Main Market and commencement of trading on AIM will become effective.
The company also said it has successfully raised GBP250,000 through the placing of 6.3 million shares at 4 pence per share related to its admission to AIM on Monday.
Sperati said the placing proceeds will be used to repay a GBP12,000 loan made by Teather & Greenwood Ltd and as general working capital for the implementation of the company's strategy.
Last week, the company said it sold its freehold property for GBP415,000 and has made a number of changes to its board since November in preparation for the AIM move.
In an interim management statement for the period November 1 to date, the company said it appointed non-executive Chairman Jason Drummond as Executive Chairman and Nilesh Jagatia as Finance Director. Jagatia replaced Richard Woodbridge, who stepped down from the position on December 12 to pursue other interests.
C A Sperati shares were trading flat at 6.00 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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