8th Dec 2020 17:13
Ideagen PLC - Nottinghamshire-based information management software for regulated industries - Plans to raise up to GBP48.7 million via share placing to institutional investors and separate retail offer. The placing and PrimaryBid offer will be at a fixed price of 215 pence per share.
Ideagen says it will use placing funds for acquisition pipeline and associated costs, and has visibility over "a number of potential acquisitions".
"The board believes that having access to readily available capital to deploy on acquisitions will enhance the company's position in negotiating and executing upon this pipeline," says Ideagen.
Should no deals be struck within a reasonable period of time, the company will set the proceeds against its existing revolving credit facility in order to reduce interest payments.
Adds that trading has continued to be "pleasing".
Current stock price: 233.00 pence
Year-to-date change: up 19%
By Lucy Heming;Â [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
IDEA.L