5th Jul 2016 13:56
LONDON (Alliance News) - Pires Investments PLC Tuesday said it has raised GBP100,000 to use for general working capital by issuing shares priced at a premium.
The investment company focused on the renewable energy sector said it issued over 2.1 million shares at 4.73 pence per share, more than a 30% premium to their closing market price on Monday.
Pires Investments shares were trading up 15% to 4.16 pence per share on Tuesday.
Ambrosia Investments Ltd subscribed to 1.6 million of the shares made available under the placing, building its existing stake in the business. Emmaouil Vaindirlis, who is the controlling shareholder in Ambrosia, now holds 3.3 million shares, equal to a 28.8% stake.
The 2.1 million shares issued represent around 18.4% of the enlarged issued share capital of Pires Investments.
By Joshua Warner; [email protected]; @JoshAlliance
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