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LoopUp Group PLC on Thursday said it has raised £3.5 million via a placing and subscription of discounted shares.
On Wednesday, LoopUp announced plans to raise at least £3 million via a placing and subscription of shares priced at 5.0p each. This represents a 22% discount to the closing price of the company's shares at 6.40p on Tuesday, the business day before the announcement. LoopUp has a market capitalisation of £5.3 million.
Shares in the London-based software provider for remote meetings were down 22% to 4.99 pence each in London on Thursday around midday.
On Thursday, the company said 69.5 million placing and subscription shares were placed by Cenkos Securities PLC, Panmure Gordon Ltd and TPI, raising £3.5 million in total.
As part of the placing, Andrew Scott, a substantial shareholder, subscribed to 25.0 million shares, worth £1.3 million. Scott is now interested in 51.6 million shares, a 29% stake.
The company also said that TPI will conduct a broker offer allowing additional subscriptions for up to 20.0 million shares at the issue price. This will raise a further £1.0 million and will be open until Friday.
On Wednesday, the company said the proceeds will support the next phase of investment in Cloud Telephony and Hybridium, the transfer of meetings customers from PGi Connect, near-term working capital for the company, and strengthen its balance sheet going forward.
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