14th Jun 2019 11:20
(Alliance News) - mporium Group PLC said Friday it will raise GBP1.9 million via a share subscription, higher than anticipated due to additional subscription demand.
On Tuesday, the marketing technology firm said it plans to raise GBP1.5 million through the issue of 150 million shares at a price of 1 pence each, which would go towards restructuring the business, mainly a refocus of the business on the MporiumX division.
Now, mporium has received additional subscription letters from investors for a further 42.3 million shares on the same terms as Tuesday's fundraise. Among the additional subscriptions is Managing Director Tom Smith and 25% shareholder Allay (UK) Ltd.
Therefore, the company now plans to raise GBP1.9 million through the issue of 192.3 million shares.
Shares in mporium Group were down 1.1% at 0.93 pence on Friday.
The subscription is conditional on shareholder approval at a general meeting on July 2.
"The group has decided that it is necessary to narrow the focus of our business and to take the necessary steps to restructure accordingly. We are confident that under Tom's leadership, the restructured business will provide the company with a solid foundation for future growth," said Chief Executive Officer Nelius De Groot.
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MPM.L