26th Sep 2023 21:34
Dialight PLC - London-based electronics company specialising in LED lighting - Plans to raise GBP10.55 million by way of an institutional placing and retail offer at 159 pence per share. Placing will be conducted via an accelerated bookbuild process, which will be launched immediately. Believes the fundraising will enable implementation of the transformation plan to be accelerated and de-risked by providing increased headroom to support near term investment commitments. Explains acceleration and successful execution of the transformation plan would help enable the group to meet its recently published medium term financial targets in its 2026 financial year. Implementation of the transformation plan is expected to return the group to a net cash funding position before the end of financial year 2026. Further, plans offer to existing retail investors of up to GBP1 million shares at GBP1.59 per share.
Current stock price: 170.27 pence
12-month change: down 28%
By Jeremy Cutler, Alliance News reporter
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