7th Feb 2014 16:21
LONDON (Alliance News) - Octagonal PLC Friday said it has raised GBP670,000 after a mixture of existing shareholders and new investors subscribed for about 223.3 million new shares, a move it says will strengthen its balance sheet and give it the working capital to look for and make new investments and acquisitions.
The shares were issued at 0.30 pence each and represent 41.85% of the company's enlarged share capital.
A further share dilution could also be on the cards at some point, as the company said it also granted about 5.2 million options to each of its directors, meaning they can subscribe for a total of 15.5 million new shares at an exercise price of 0.30 pence a share, expiring five years from February 7.
The options represent about 2.9% of the company's issued share capital.
Octagonal shares were Friday quoted at 0.480 pence, down 0.120 pence, or 20.00%.
By Samuel Agini; [email protected]; @samuelagini
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