16th Jul 2019 15:00
(Alliance News) - Dods Group PLC said Tuesday it has gained shareholder approval for the acquisition of Meritgroup Ltd and the raising of funds to partly pay for the acquisition.
Additionally, the open offer closed for acceptances on Monday, with valid applications from shareholders for 13.1 million shares, representing a take-up of around 84% of shares under the open offer.
As a result, Dods will raise around GBP13 million through a placing, open offer and subscription, through the issue of 200.6 million shares for 6.5 pence each.
Shares in the business services firm were up 1.6% at 7.75p on Tuesday.
Earlier in June, Dods announced it would buy data services firm Meritgroup Ltd for up to GBP22.4 million.
At a general meeting on Tuesday, shareholders near unanimously voted in favour of the two resolutions in connection with the acquisition and fundraising.
Once the shares are issued, Dods will have 555.9 million shares issued overall.
Related Shares:
DODS.L