Major shareholder Venture Holdings subscribes for 34.5 million shares
By Marisa Wong
Madison, Wis., Nov. 4 - Supercart plc said it will raise £1.4 million through a placement of 70 million ordinary shares at 2p per share.
The company will sell 35.5 million shares to institutional and other investors and 34.5 million shares to Venture Holdings, the company's largest shareholder.
The price per share represents a 46.67% discount to the closing midmarket price of 3.75p per share on Nov. 3.
Proceeds will provide the company with sufficient working capital for current requirements and enable it to continue the development of new products for the European market.
The company said it also plans to strengthen its balance sheet by £300,000 through a loan capitalization by Venture of 15 million ordinary shares at 2p per share.
The new ordinary shares are expected to be admitted to trading on Nov. 23.
Based in Kent, England, Supercart designs plastic supermarket grocery carts.
| Issuer: | Supercart plc
|
| Issue: | Ordinary shares
|
| Amount: | £1.4 million
|
| Shares: | 70 million
|
| Price: | 2p
|
| Warrants: | No
|
| Investor: | Venture Holdings (for 34.5 million shares)
|
| Announcement date: | Nov. 4
|
| Stock symbol: | London: SC/
|
| Stock price: | 3.75p at close Nov. 3
|
| Market capitalization: | £1.91 million
|
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