LONDON (Alliance News) – Accsys Technologies PLC on Friday said it has completed its placing of new shares after securing shareholder approval in late March, while revealing that shareholders applied to take up quadruple the amount of shares that were made available under the associated open offer.
Accsys shares were down 1.0% on Friday at 62.50 pence.
The chemical technology group, focused on the acetylation of wood, launched a placing and open offer in late March both priced at 69.0 euro cents per share. Since, shareholders have approved the placing and the open offer has now closed.
As a result, the 17.4 million placing shares have now been admitted to trading, raising GBP12.0 million. As for the open offer, applications were made for four times the amount of shares made available under the open offer. Shareholders looked to buy a total of 13.0 million new shares, but only 2.9 million had been made available.
None of the excess applications were satisfied. All of the shares made available have been issued to raise EUR2.0 million, taking the total proceeds when combined with the placing to EUR14.0 million, prior to expenses.
“We are delighted at the level of support we have received from new and existing shareholders at the time of the transformational developments in our capacity expansion for the manufacture of both Accoya and Tricoya,” said the company.
By Joshua Warner; email@example.com; @JoshAlliance
Copyright 2017 Alliance News Limited. All Rights Reserved.