31st Mar 2015 09:02
LONDON (Alliance News) - Shares in healthcare services company Ultrasis PLC were suspended on Tuesday after the company said it isn't clear whether it can get the necessary support for its proposed fundraising plan.
Ultrasis is planning to raise up to GBP5.375 million via a subscription, open offer and loan facility.
But the proposed fundraising is significantly reliant on Paul Bell, Ultrasis' largest shareholder with a 22% stake. Ultrasis says it remains reliant on Bell for future working capital needs but has not been able to confirm "with absolute certainty" if he is able to proceed with the refinancing.
As a result, Ultrasis said that without the additional financing or a material injection of funds, it will not have sufficient funds to continue to trade. It has requested the suspension of its shares pending clarification of its financial position and the ability of Bell to proceed with the fundraising.
By Sam Unsted; [email protected]; @SamUAtAlliance
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Ultrasis Plc