15th Jun 2018 14:30
LONDON (Alliance News) - RM2 International SA said Friday it raised GBP1.4 million following the closure of an open offer.
The pallet manufacturer received valid applications for 142.9 million shares.
Of the total, 63.3 million shares were applied for under qualifying shareholders' basic entitlements and applications were received in respect of 79.6 million shares under the excess application facility.
Admission to trading is expected to occur on Monday, following which, the company's issued share capital would be 5.00 billion shares, of which 2.9 million are held as non-voting treasury stock.
At the launch of the open offer on May 21, the company expected to raise GBP4.3 million issuing 4.3 million shares at 1.00 pence each.
Chief Executive Officer Kevin Mazula said: "Our plan, properly funded and executed, is expected to allow us to achieve positive earnings before interest, taxes, depreciation and amortisation in 2019."
RM2 shares were trading down 4.3% at 1.00p each.
Related Shares:
RM2.L