21st Feb 2020 15:43
(Alliance News) - AdEPT Technology Group PLC on Friday said it has raised around GBP4.3 million via a 1.3 million share placing and 7,813 share subscription priced at 320 pence per share.
Shares in AdEPT were down 10% at 324.19 pence in London in afternoon trading.
The proceeds from the fundraise will be used to reduce Adept's debt, finance potential acquisition opportunities and accelerate the company's "One AdEPT" initiative named Project Fusion.
The fundraise was announced earlier on Friday, with data networking and information technology services company AdEPT saying at the time that it planned to raise up to GBP4 million from a 1.2 million share placing and 7,813 share placing.
The issued shares, which raised GBP300,000 more than previously announced, represent around 5.6% of AdEPT's issued capital. Cantor Fitzgerald Europe was the sole bookrunner.
Participants in the placing included Chief Executive Phil Race, who subscribed for 7,813 shares, taking his total shareholding to 10,591 shares. Greenwood Investments Ltd also participated in the placing, taking its holding to 5.3 million shares or a 21% stake.
AdEPT also said earlier that it is currently trading in line with market expectations and intends to recommend a final dividend for the year ending March 31. It paid a interim dividend of 5.10 pence each for the six months to the end of September 2019.
By Anna Farley; [email protected] and Ife Taiwo; [email protected]
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