14th Apr 2016 08:52
LONDON (Alliance News) - Surface Transforms PLC on Thursday said it has raised GBP1.0 million through an over subscribed open offer of 6.3 million shares at a price of 16 pence.
Last month Surface Transforms announced plans to raise GBP4.5 million through a placing of 28.1 million shares at 16 pence. It also launched an open offer under which shareholders could subscribe for a further up to 3.1 million shares at the same price.
The open offer received valid acceptances for up to 7.7 million shares, and as a result of this over-subscription agreed to double the planned open offer to 6.3 million shares, raising GBP1 million. This means it has raised a total of GBP5.5 million from the placing and open offer overall.
"We are extremely pleased that the board's decision to make an open offer to all shareholders, combined with the oversubscribed placing of shares to certain existing and new institutions, has resulted in this most encouraging response from shareholders. I would like to thank both existing and new shareholders for their support. The take-up we have seen for this capital raising demonstrates the strength of support for the company's proposed strategies and cost reduction programme, and we look forward to announcing further progress on those fronts in due course," said Chairman David Bundred in a statement.
Shares in Surface Transforms were up 0.1% at 18.174 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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