13th Jul 2022 10:48
Solid State PLC - Worcestershire-based computing products manufacturer - Raises roughly GBP26.3 million in a placing of 2.6 million shares at 1,025 pence each. The placing was oversubscribed with WH Ireland Group PLC and finnCap Group PLC acting as joint brokers.
Plans to raise further GBP2 million through an open offer for qualifying shareholders and launches a director's subscription to raise an additional GBP150,000, both at the issue price of 1,025 pence per share.
Says the new ordinary shares will represent 25% of its enlarged share capital upon admission.
Plans to use the funds for the acquisition of Custom Power Ltd.
Notes that the fundraising overall is still conditional on the passing of a resolution at its general meeting, among other things.
Current stock price: 1,061.00 pence, down 12% on Wednesday
12-month change: up 15%
By Abby Amoakuh; [email protected]
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