16th Apr 2019 16:27
LONDON (Alliance News) - FireAngel Safety Technology Group PLC said Tuesday it has received acceptances for just over half of its open offer shares, but raised the intended GBP6.0 million in combination with its placing.
Valid acceptances were received in respect of 15.7 million open offer shares, around 52% of open offer shares available, raising approximately GBP3.1 million.
One of FireAngel's investors had conditionally agreed to acquire GBP6.0 million of shares through a placing, but this had a clawback so only shares not subscribed to in the open offer would be issued under the placing.
As such, the fire safety device maker will scale back the number of placing shares to 14.3 million which, at the current issue price of 20 pence a share, raises around GBP2.9 million for FireAngel.
On March 29, FireAngel announced it was not proposing a final dividend for 2018 - having paid out 2.5 pence per share the year before - after it swung to a GBP5.9 million pretax loss from a GBP545,000 profit. The placing and open offer were intended to accelerate its recovery.
Shares in FireAngel were down 1.6% at 21.66p on Tuesday afternoon.
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