30th Jan 2019 12:33
LONDON (Alliance News) - Photonstar LED Group PLC said on Wednesday it has raised GBP175,000 through a placing of 1.75 billion shares, as it looks to become an AIM cash shell.
Shares in the lighting manufacturer dropped 38% to 0.01 pence on Wednesday.
In the placing, Photonstar issued 1.75 billion shares at a price of 0.01 pence each with new and existing shareholders, raising GBP175,000.
As well as provide working capital, proceeds will also go towards allowing the company to evaluate new business oppurtunities. Following admission, Photonstar is expected to have 3.63 billion shares issued overall.
Also, Chief Executive Officer James McKenzie has reisgned from his role with immediate effect after 12 years in the role since 2007.
McKenzie leaves as Photonstar LED itself plans to wind down its one trading subsidiary PhotonStar Technology Ltd and become a cash shell.
The company plans to hold a general meeting in the future to gain shareholder approval for becoming a cash shell and winding down its remaining business.
Related Shares:
PSL.L