11th Jun 2018 12:59
LONDON (Alliance News) - AIQ Ltd on Monday said its open offer has been oversubscribed, as it received acceptances for 1.9 million shares.
The stock was trading 9.1% lower at 50.00p per share on Monday.
The investment company said it raised about GBP250,000 through the open offer. It issued 1.3 million shares at a price of 20.00p each.
Back in April, AIQ launched a share placing, raising GBP115,000. Overall, the company raised GBP365,000 through placing and open offer.
These proceeds will be used to provide further capital for acquisition, AIQ said, and will provide additional liquidity in its shares.
Following the admission, the company has a total of 51.8 million issued shares.
"We are delighted by the uptake under the Placing and Open Offer," said Chairman Graham Duncan. "We would like to thank shareholders for their ongoing support and we look forward to reporting on our progress in due course."
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Aiq Limited