17th Jun 2016 06:45
LONDON (Alliance News) - Lombard Risk Management PLC, the AIM-listed software provider to major banks and other financial institutions, on Friday said it has raised GBP8.0 million in a placing of new shares, with an open offer to add a further GBP760,000.
In a statement, Lombard Risk said it sold 91.4 million shares at 8.75 pence each in the placing. In a move to allow existing shareholders to participate, Lombard Risk said it is giving them the opportunity to subscribe for 8.7 million open offer shares at the same price. One open offer share is available for every 35 shares already held.
The shares are being sold a 1.4% less than the closing mid-market price on Thursday. The stock closed at 8.90p Thursday.
The money raised will be used to accelerate investments in Lombard Risk's AgileREPORTER and COLLINE in the cloud products, its development infrastructure, and to complete a restructuring that has seen investment in its sales force and products.
WG Partners and finnCap acted as joint brokers on the placing.
By Samuel Agini; [email protected]; @samuelagini
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