4th Jul 2014 11:08
LONDON (Alliance News) - Software Radio Technology PLC Friday said it has raised just over GBP1.5 million before expenses after placing 8.45 million new shares at 18 pence per share.
The company, which makes ship location technology, said it will use the proceeds to support stock procurement for expected forthcoming orders.
Last month, the company said it swung to a pretax loss in its last financial year, as revenue fell by more than a third due to delays to two significant contracts that forced it to carry more stock than hoped and to draw down bank facilities.
The company's broker, WH Ireland Ltd, led the placing.
The company said Chief Executive Officer Simon Tucker subscribed for 267,440 of the placing shares, increasing his shareholding in the company to 1.2 million shares, or a 0.95% holding.
Software Radio Technology shares were down 0.4% at 21.42 pence Friday midday.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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