18th May 2015 08:16
LONDON (Alliance News) - Flowgroup PLC said Monday it received valid acceptances for 62.0% of shares offered in its open offer, taking the total raised in its recent placing and open offer to GBP22.2 million.
The energy technology products company raised GBP21.0 million in a placing of 73.7 million share at 28.5 pence each at the end of April, and launched an open offer of up to 7.0 million shares at the same price to raise around a further GBP2 million.
It received valid acceptances in regards to 4.3 million open offer shares.
Shares in FlowGroup are trading down 0.8% at 28.39 pence Monday morning.
In April, the company had said it was raising the funds to accelerate the development of a combination version of its Flow mCHP boiler, and reducing supply chain and production costs of its boilers.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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