Haydale PLC (AIM: HAYD) has told DirectorsTalk it has raised gross proceeds of GBP0.5 million pursuant to the Open Offer announced on 23 September 2016, that was heavily over-subscribed.
Highlights:
— Approximately GBP2.6 million raised pursuant to the Fundraising (comprising approximately GBP2.0 million from the Placing, GBP0.5 million from the Open Offer and approximately GBP55,000 from the Subscription)
— Applications were received for 957,256 Open Offer Shares, representing a take-up of approximately 306 per cent. Applications under the excess entitlements will therefore be scaled down resulting in a total of 312,500 Open Offer Shares, equivalent to gross proceeds of GBP0.5 million from the Open Offer, being issued.
Fundraising
On 23 September 2016, Haydale announced details of a proposed Fundraising to raise gross proceeds of approximately GBP2.6 million, including an Open Offer of up to 312,500 New Shares at a price of 160 pence per share.
The Open Offer closed for acceptances at 11.00 a.m. on 10 October 2016 and the Company is pleased to announce that the Open Offer was heavily over-subscribed having received applications for 957,256 Open Offer Shares, representing a take-up of approximately 306 per cent. Applications under the excess entitlements will therefore be scaled down resulting in a total of 312,500 Open Offer Shares, equivalent to gross proceeds of GBP0.5 million from the Open Offer, being issued.
Consequently, the Company has conditionally raised a total of approximately GBP2.6 million through the Fundraising.
Ray Gibbs, CEO said: “We are extremely pleased with the support shown from all our shareholders – whilst our existing and new institutional investors corner-stoned the Fundraising, to receive the overwhelming support from all other shareholders, who applied for more than three times the allocation under the Open Offer, is particularly gratifying but frustratingly we could not extend the Open Offer to accommodate the excess demand. The take-up we have seen for this Fundraising demonstrates the strength of support for the Company’s stated strategies and the Acquisition and we look forward to announcing continuing progress in due course.”
