11th Jun 2015 08:26
LONDON (Alliance News) - Cyan Holdings PLC Thursday said it had raised GBP490,000 by placing 245 million new shares at 0.2 pence, building on the GBP4.1 million it raised in a placing and share subscription on Monday.
The second placing also needs to be approved by shareholders at a meeting that will be held June 30.
The company had said Monday it raised GBP4.1 million through a placing and subscription of 2.06 billion shares at 0.20 pence each, money it will use to fund staffing costs for projects it has won in India and for further product development work.
"We are pleased to announce this further placing. The placees wish to take advantage of the HMRC Enterprise Investment Scheme which can provide significant income and capital gains tax advantages for investments which are held for a minimum period of three years," Cyan Chairman John Cronin said Thursday.
Cyan Holdings shares were down 1.7% at 0.204 pence Thursday morning.
By Steve McGrath; [email protected]; @stevemcgrath1
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