6th Nov 2014 10:53
LONDON (Alliance News) - Ferrum Crescent Ltd on Thursday said there was a shortfall in its entitlements offer, meaning the amount the company has raised has more than halved.
Ferrum said it was offering 253.7 million shares under its entitlement offer. It has now received payment for 49.1 million of those shares, meaning a shortfall in the offer of 204.7 million shares.
The offer was underwritten by Patersons Securities Ltd up to 107.5 million shares, meaning 58.4 million shares will be issued under that agreement.
Overall, Ferrum will issue a total of 107.5 million shares under the offer, resulting in a total fundraising of AUD860,000, less than half of its original target of AUD2 million.
Ferrum shares were untraded on Thursday, having last traded at 0.575 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
Ferrum Crescent