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Solid State PLC - Worcestershire-based computing products manufacturer - Raises roughly £26.3 million in a placing of 2.6 million shares at 1,025 pence each. The placing was oversubscribed with WH Ireland Group PLC and finnCap Group PLC acting as joint brokers.
Plans to raise further £2 million through an open offer for qualifying shareholders and launches a director's subscription to raise an additional £150,000, both at the issue price of 1,025 pence per share.
Says the new ordinary shares will represent 25% of its enlarged share capital upon admission.
Plans to use the funds for the acquisition of Custom Power Ltd.
Notes that the fundraising overall is still conditional on the passing of a resolution at its general meeting, among other things.
Current stock price: 1,061.00 pence, down 12% on Wednesday
12-month change: up 15%
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