19th Dec 2019 09:13
(Alliance News) - GetBusy PLC said Wednesday it has raised GBP2 million through a placing of shares, as part of the company's planned share capital reorganisation.
GetBusy issued 4.4 million shares at a price of 45 pence each, a 6.3% discount to the company's closing price on Tuesday at 48.00p. Shares in the document management and communication software firm were down 1.4% at 46.85 pence early on Thursday in London.
GetBusy also said it intended to consolidate and sub-divide its shares, in order to reduce administration costs, and improve its market liquidity and trading activity.
The reorganisation comprises a consolidation of every 5,000 existing shares in the company into 1 new consolidated share. Each holding, unless exactly divisible by 5,000, will be rounded down to the nearest whole number of consolidated shares, leaving the shareholder with an entitlement to a fraction of a consolidated share.
After this, GetBusy will conduct a sub-division of each consolidated share into 5,000 new shares, which are expected to start trading on January 8. Once the sub-division is completed, all fractional entitlements will be sold.
The shares issued reflect 9.2% of GetBusy entire issued share capital following the consolidation, and also represent the maximum number of fractional entitlements expected to arise following the share consolidation.
Proceeds from the placing will be distributed to shareholders that carry the entitlement to fractional shares.
Liberum acted as sole bookrunner in relation to the placing.
The share capital reorganisation itself is conditional on shareholder approval at a general meeting on January 7.
By Dayo Laniyan; [email protected]
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