8th Apr 2014 10:41
LONDON (Alliance News) - Cloud-based telephony company Synety Group said Tuesday that the open offer part of its recent equity issue fund raising had been more than four times oversubscribed.
In a statement, the company said it has received acceptances for 875,537 open offer shares, way more than the 200,499 shares that had been on offer. It had therefore had to scale back entitlements on a pro-rata basis.
The company in March launched a placing to raise up to GBP4.5 million and an open offer to raise about GBP500,000. It said it would use the money raised to expand its UK operations and fund its entry into the US market.
Shares in Synety were trading down 0.2% at 331.98 pence Tuesday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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