11th Nov 2015 12:29
LONDON (Alliance News) - Science in Sport PLC on Wednesday said it has received strong backing for its firm placing and open offer, which raised GBP8.7 million for the sports nutrition company.
"We thank all shareholders for their support and send a particular welcome to new investors. The funds raised will enable us to deliver our strategy for accelerating the growth of the SiS brand, particularly through international sales and e-commerce, whilst continuing our focus on innovative new product development," Chief Executive Stephen Moon said in a statement.
The company raised GBP7.9 million through the firm placing and the remainder through the open offer.
Science in Sport received valid acceptances over 1.3 million new shares available under the open offer, equivalent to a 76% take up.
As part of the open offer Non-Executive Director Dawson Buck agreed to buy 111,900 new shares in the company, giving him a total of 593,577 shares. Buck will own 1.5% of the company. CEO Moon bought 254,000 new shares as part of the firm placing, which will give him 1.7% of the company through his total of 675,330 shares.
The stock was down 0.8% at 59.00 pence on Wednesday shortly after midday.
By Samuel Agini; [email protected]; @samuelagini
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