10th Oct 2014 07:44
LONDON (Alliance News) - Cloud services provider Outsourcery PLC said Friday that Encore Capital Group Inc has invested GBP1.0 million in the company through the subscription of 5 million new shares, or a 10.6% interest in its enlarged issued share capital.
The subscription price was 20 pence per share, which Outsourcery said its a 21.2% premium to its closing price of 16.50 pence Thursday. Shares in Outsourcery are trading up 9.1% at 18.00 pence Friday morning.
The company reconfirmed that its is fully funded to profitability, with the aim of becoming earnings positive on a monthly basis by the end of 2015, with an operational positive cash flow in the same time frame. It said that the funds invested by Encore give it greater options to pursue and accelerate its growth, particularly in the mid-market segment and the enterprise arena.
"I am pleased to welcome Encore to the Outsourcery share register as an investor with a strong track record of recognising and working collaboratively to grow high potential businesses," said non-Executive Chairman Ken Olisa in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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