Deal raises funds to support growth, provide general working capital
By Devika Patel
Knoxville, Tenn., Nov. 8 - Earthport plc said it raised £7.46 million in an oversubscribed private placement of shares and £1.6 million through the sale of 1% convertible loan notes due Dec. 31 2015.
The company sold 43,877,797 ordinary shares at 17p each. The price per share is a 3.85% premium to the Nov. 7 closing share price of 20.38p. The company may raise an additional £1.5 million by selling 8,823,529 more shares at the same price.
The notes convert to shares at 17p per share, also a 3.85% premium to the Nov. 7 closing share price of 20.38p.
Schroder Investment Management Ltd. invested £600,000 in the shares sale. Henderson Global Investors bought £1.5 million of shares.
Proceeds will support the company's growth and provide general working capital.
Earthport is a London-based payments utility company.
| Issuer: | Earthport plc
|
| Issue: | Ordinary shares, convertible loan notes
|
| Amount: | £9,059,225
|
| Settlement date: | Nov. 8
|
| Stock symbol: | London: EPO
|
| Stock price: | 19.75p at close Nov. 8
|
| Market capitalization: | £42.03 million
|
|
|
| Shares
|
| Amount: | £7,459,225
|
| Shares: | 43,877,797
|
| Price: | 17p
|
| Warrants: | No
|
| Investors: | Schroder Investment Management Ltd. (for £600,000), Henderson Global Investors (for £1.5 million)
|
|
|
| Notes
|
| Amount: | £1.6 million
|
| Maturity: | Dec. 31 2015
|
| Price: | Par
|
| Coupon: | 1%
|
| Conversion price: | 17p
|
| Warrants: | No
|
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