21st Feb 2019 11:10
LONDON (Alliance News) - Malvern International PLC on Thursday said it raised GBP606,000 in a share placing at 4 pence per share.
The new shares represent 5.9% of the company's existing capital and were issued at an 11% discount to Malvern's closing price on Wednesday. Malvern shares were untraded on Thursday, last quoted at 4.5p.
The company issued 15.2 million shares in an accelerated bookbuild. Earlier on Thursday, it said it was targeting GBP550,000 via the placing of 13.8 million shares, but it subsequently increased the issue size due to strong demand.
Malvern intends to use the net proceeds of the fundraising to provide additional working capital.
WH Ireland Ltd acted as broker in relation to the placing.
Related Shares:
Malvern Intl