7th May 2014 13:36
LONDON (Alliance News) - Norish PLC Wednesday said it raised a total of GBP2.08 million through a share placing and open offer, money it will use to buy the freehold to its Birmingham cold storage site for GBP2.25 million.
Last month, the warehousing company said it had raised the GBP2 million before expenses through a placing of 5.7 million shares, representing roughly 33.9% of the company's share capital, with institutional and other investors at 35 pence per share.
At the time, Norish also said that it was looking to raise up to a further GBP0.2 million in an open offer of up to 587,411 shares at 35 pence each.
Norish said Wednesday that roughly 39.4% of the shares in its open offer were taken up, just under 231.3 million shares.
Norish said it will use the proceeds to acquire the freehold to the cold store site in Birmingham, buy some blast freezing equipment that is currently leased, and for development capital for the group's commodity trading operations.
Norish shares were down 4% at 36.00 pence per share Wednesday afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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