23rd Apr 2020 17:43
(Alliance News) - Science in Sport PLC on Thursday said it has raised GBP4.5 million total through the placing of 12 million shares at 37 pence each, and a subscription by its directors.
The placing price represents a 1.4% premium to the Wednesday closing price of 35.00p. Shares in the sports nutrition supplements manufacturer closed 5.7% higher at 37.00 pence each on Thursday in London.
Science in Sport said that alongside the placing, Chair John Clarke, Chief Executive Officer Stephen Moon, Chief Financial Officer James Simpson, Non-Executive Director Roger Mather and Non-Executive Director Tim Wright subscribed for a total of 405,405 shares . Moon now holds a 0.7% stake in the company, Clarke holds a 0.2% stake, and Wright holds a 0.1% stake.
Following admission of the new shares, the company's share capital will comprise 135.1 million shares.
Science in Sport said the new cash will be used to strengthen its balance sheet and help the company to emerge in a stronger position from the current Covid-19 crisis.
"Today's fundraising will provide the company with additional liquidity during the disruption caused by Covid-19, thereby enabling us to remain firmly focused on the delivery of our high-growth strategy," said Moon.
By Ife Taiwo; [email protected]
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