31st Mar 2015 10:03
LONDON (Alliance News) - Imaging services company DDD Group PLC on Tuesday said it will receive GBP25,000 less in proceeds from its share placing announced earlier this month due to broker Hume Capital Securities PLC having fallen into administration.
DDD will issue 22.5 million shares in the issue at 2 pence per share, slightly less than the 23.75 million it had intended to issue under the placing.
The remaining shares, valued at GBP25,000, were subscribed for by Hume, which entered administration on March 12. DDD said Hume's administrators were at present unable to provide any confirmation when, or if, the placing proceeds will reach the company.
DDD said its current cash balance is sufficient to meet its working capital needs for the year and added it remains in talks with a number of strategic investors to secure long-term funding.
Shares in DDD Group were down 17% to 3.325 pence on Tuesday, one of the worst performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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