20th Aug 2018 09:51
LONDON (Alliance News) - IT services firm IDE Group Holdings PLC said Monday it had raised GBP550,000 through an oversubscribed open offer, bringing the total raised through a recent fundraising round to GBP5.6 million.
In late July, IDE announced it intended to raise GBP5.5 million through a share subscription, convertible loan note issue and an open offer. The funds will be used to partly cover debt, which totalled GBP13 million as at the end of June.
On Monday, IDE announced it had received valid acceptances under the open offer for 70.8 million shares at 2.5 pence each. This represented more than three times the original 20.0 million shares offered under the deal. Of this, 95% of all applications were from excess applications.
Shares in IDE were untraded at 4.19 pence on Monday.
All basic entitlement applications will be met in full. The excess applications, however, will be scaled back. Consequently, IDE will raise GBP550,000 through the open offer.
In total - including the convertible loan issue and share subscription - IDE has now raised GBP5.6 million. All remain subject to shareholder approval later on Monday.
Related Shares:
IDE.L