22nd Aug 2023 15:10
(Alliance News) - LifeSafe Holdings PLC on Tuesday said it plans to raise up to GBP250,000 through a retail offer.
The Essex, England-based fire safety technology business with fire extinguishing fluids and fire safety products said that it will offer up to 675,675 new shares under the retail offer, at a price of 37 pence per share.
The issue price is the same as LifeSafe's placing price, which was announced at the start of August. The represents a discount of approximately 8.6% closing share price of 40.5 pence per share on August 2.
Shares in LifeSafe were down 13% to 38.00p each in London on Tuesday afternoon.
On August 3, LifeSafe said it had raised GBP1.1 million through a placing and subscription of new shares. The company said part of the proceeds will be allocated towards stock procurement in the latter half of 2023, alongside bolstering general working capital.
On Tuesday, LifeSafe said the proceeds from the retail offer would also be used towards stock procurement.
"The company values its shareholder base and believes that it is appropriate to provide eligible existing retail shareholders in the United Kingdom the opportunity to participate in the retail offer," LifeSafe added.
By Sophie Rose, Alliance News reporter
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