By Devika Patel
Knoxville, Tenn., Sept. 17 - K3 Business Technology Group plc announced that Daniel Stewart & Co. has helped the company raise £1.5 million in an oversubscribed private placement of shares.
The company sold 1,764,706 ordinary shares at 85p apiece. The placing price represents a 2.9% discount to the closing mid-market price of 87.5p per share on Wednesday.
Proceeds will be used for acquisitions and working capital purposes.
Based in Manchester, England, K3 develops accounting and supply-chain management software.
| Issuer: | K3 Business Technology Group plc
|
| Issue: | Ordinary shares
|
| Amount: | £1.5 million
|
| Shares: | 1,764,706
|
| Price: | 85p
|
| Discount: | 2.9% to Sept. 16 share price
|
| Agent: | Daniel Stewart & Co.
|
| Announcement date: | Sept. 17
|
| Stock symbol: | London: KBT
|
| Stock price: | 87p at close Sept. 17
|
| Market capitalization: | £20.8 million
|
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