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IQGeo Group PLC - Cambridge-based geospatial productivity and collaboration software company focused on the telecoms and utility industries - Raises £3.5 million in placing of 2.5 million new shares at a price of 125 pence each, in addition to a subscription for 286,4000 new shares at the same price. The new shares represent around 4.8% of its existing share capital. Non-Executive Director Robert Sansom subscribes for 204,400 shares for a total of £255,500, bringing his resultant shareholding to 7.2% of the enlarged share capital.
‘We are extremely pleased with the backing we have received from investors in this heavily oversubscribed placing. The funds raised, will support the acquisition of Comsof and the enlarged group's growth strategy going forward,’ says Chief Executive Officer Richard Petti.
Comsof is a Ghent, Belgium-based company that builds and licenses fibre optic network planning and design software. IQGeo has acquired the company for €13 million, with around £8.9 million cash, £1.2 million in shares.
Current stock price: 134.83p, up 7.4% on Friday in London
12-month change: up 9.6%
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