4th Mar 2020 14:41
(Alliance News) - Catena Group PLC on Wednesday said it has raised GBP1.5 million through the subscription of 4 million shares at 25 pence each and the issue of convertible loan notes worth GBP500,000.
The issue price represents a discount of 9.1% to the closing price of 27.50 pence on Monday. The stock was trading 1.9% higher at 27.00p each on Wednesday afternoon in London.
On Tuesday, the company announced a fundraise in which it intended to raise at least GBP1 million through a share subscription. It also said it intends to raise GBP2 million through the issue of convertible loan notes which mature three years after issue, are interest free and are convertible into Catena shares at 25p each.
Chief Executive Matthew Farnum-Schneider subscribed for 100,000 subscription shares which constitutes his entire shareholding in the company, reflecting a 0.3% interest. Significant shareholder Richard Bernstein subscribed for 140,000 shares, taking his total stake in the company to 27%.
Following admission, Catena's issued share capital will comprise 39.6 million shares. If the loan notes are converted in full, a further 2 million new shares will be issued.
Net proceeds from the fundraise will be used to finance the GBP1.5 million acquisition of a 9.1% stake in artificial intelligence company Insight Capital Partners Ltd.
By Ife Taiwo; [email protected]
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