11th Jun 2024 19:20
Directa Plus PLC - London-based graphene product manufacturer - Plans to raise between GBP6.8 to GBP6.9 million by a placing and subscription at 18 pence per share. Proposes to issue around 34.4 million shares. Certain directors agree to subscribe for 555,555 shares but are unable to enter any arrangements at present as the company is in closed period. Placing will be effected by way of an accelerated bookbuild which will be launched immediately to new and existing eligible institutional investors. Cavendish Capital Markets Ltd and Singer Capital Markets Securities Ltd are acting as joint brokers to the placing. Nant Capital, the largest shareholder in Directa Plus, agrees to subscribe for 22.2 million shares at the issue price. Nant currently holds a just under 29% stake.
Non-Executive Chair Richard Hickinbotham comments: "Directa Plus has made consistent progress towards its goal of commercialising its graphene products and processes with a high quality, growing roster of customers. The fundraising will enable the company to accelerate that progress by providing funds for investment in what the board considers to be exciting opportunities. We look forward to beginning the next phase of growth."
Current stock price: 18.90 pence, down 4.1% in London on Tuesday
12-month change: down 73%
By Jeremy Cutler, Alliance News reporter
Comments and questions to [email protected]
Copyright 2024 Alliance News Ltd. All Rights Reserved.