24th Apr 2020 16:58
(Alliance News) - Shearwater Group PLC on Friday said it has raised GBP3.8 million through a share placing as the cybersecurity group looks to bolster its finances.
The company, which also provides advisory and managed security services, said it issued 1.6 million shares at a price of 240 pence each.
The placing price represents a discount of 17% to the closing middle market share price of 290p per share on Thursday.
Shearwater shares closed 14% lower in London on Friday at 251.00p each, giving it a market capitalisation of GBP55.5 million.
Following the admission, the company will have 23.7 million shares overall.
Shearwater added that Directors David Williams and Phil Higgins both participated in the fundraising, acquiring 1.4 million and 2.3 million shares, respectively. Following these transactions, Williams has a 6.1% stake in the enlarged firm's share capital, while Higgins holds 9.7% interest.
The AIM-listed company was raising funds to make further acquisitions under its ongoing buy-and-build strategy and to improve its liquidity position.
By Evelina Grecenko; [email protected]
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