11th Jan 2019 12:03
LONDON (Alliance News) - Remote Monitored Systems PLC on Friday said it raised GBP350,000 in a placing of shares to support growth in the company's core areas and provide working capital.
The firm issued 53.8 million shares at 0.65 pence each, a 10% discount to its closing price on Thursday. Remote Monitored Systems shares were trading down 3.5% at 0.70 pence on Friday around midday.
Chief Executive Officer Trevor Brown said: "The funds raised will be utilised to promote the continuing growth of both of our operating businesses. The significant participation of the board in the fundraise is an eloquent statement about our confidence in the future."
Non-Executive Chair Nigel Burton subscribed for 15.4 million shares worth GBP100,000. He now owns 26.1 million shares or 6.8% of the company.
Brown also took up 15.4 million shares for the same price. He now has 88.2 million shares representing a 22.8% stake.
The shares are expected to start trading next Thursday, after which the firm will have 386.3 million shares in issue.
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RMS.L