11th Apr 2016 11:09
LONDON (Alliance News) - Eclectic Bar Group PLC Monday said it will be readmitted to AIM as The Brighton Pier Group PLC following its reverse acquisition of the operator of Brighton Pier, whilst UK based cyber-security software provider Osirium Technologies PLC said it has raised GBP8.8 million ahead of its admission to AIM Friday.
Eclectic Bar Group last Friday entered into an agreement to buy The Brighton Marine Palace & Pier Co, which owns and operates Brighton Pier, for GBP18.0 million in cash in a reverse takeover.
The company expects to be readmitted to AIM as The Brighton Pier Group April 27. The company plans to fund its acquisition through a share placing of up to 1.9 million shares to raise no less than GBP8.5 million at 55 pence. At this placing price, it expects to have a market capitalisation of GBP7.4 million.
Meanwhile, Osirium Technologies said 5.7 million shares have been placed with institutional and other investors at a price of 156 pence each, which will give the company a value by market capitalisation on admission to the market of GBP16.2 million.
The proceeds of the placing will be used to help accelerate its growth in the cyber-security market, by appointing additional staff to support its sales and marketing, investing in continued research and development, and providing additional working capital.
Panmure Gordon UK Ltd is acting as Osirium's financial adviser, nominated adviser and broker.
"We are delighted with the strong support shown by our new investors, which we view as a highly positive endorsement of Osirium's innovative technology that significantly improves the security of companies," said Chief Executive Officer David Guyatt in a statement.
"The fundraising provides the group with the capital to continue the growth of the business through the building out and development of relationships with existing and new customers alike in the global cyber-security market. We look forward to an exciting future as an AIM-listed company and generating shareholder value," Guyatt added.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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