25th Aug 2015 07:05
LONDON (Alliance News) - Totally PLC Tuesday said it has raised GBP1.05 million through a share subscription, and also proposed a share consolidation and the appointment of Bob Holt, currently Chairman of Mears Group PLC, as its new non-executive chairman.
The healthcare sector services provider has proposed consolidated every 100 existing shares into one new share. As a result, the subscription will be effected at a price of 17.5 pence per share, and 6 million new shares will be issued in the subscription. The company said it believes this consolidation will lead to a "more appropriate number of shares in issue" which may also make its shares more attractive to investors.
Shares in Totally were untraded early Tuesday, having last traded at 0.220 pence.
Following the issue of the new shares Totally has proposed that Holt join the board as a non-executive chairman, with current Non-Executive Chairman Michael Sinclair to resign.
Totally plans to use the proceeds to roll out its new direct-to-consumer clinical health coaching service, further develop its existing business-to-business health coaching offering and provide additional working capital.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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