9th Apr 2020 15:49
(Alliance News) - Remote Monitored Systems PLC on Thursday said it has raised GBP350,000 through the placing of 140 million shares at 0.25 pence each.
Shares in the survey, inspection and monitoring company were trading 28% lower at 0.32 pence each on Thursday afternoon in London.
Remote Monitored Systems said the funds will be used to support the growth of GyroMetric Ltd and Cloudveil Ltd, to settle creditors, and for additional working capital.
RMS holds a 58% stake in GyroMetric. The company acquired peer Cloudveil Ltd for GBP130,000 in an all-share deal.
"The funds raised will be utilised to promote the continuing growth of GyroMetric and to develop the Cloudveil Intelligence and Security division, which is currently assisting two of the UK's largest security guarding firms to manage the evolving risks associated with the Covid-19 pandemic," said Chief Executive Trevor Brown.
Brown subscribed for 10 million shares, increasing his stake in RMS to around 19%. Nonâ€Executive Director Paul Ryan also subscribed for 10 million shares, taking his stake in the company to 8.6%.
Following admission of the placing shares, Remote Monitored Systems will have 640.7 million shares in issue.
By Ife Taiwo; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
RMS.L