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Pelatro PLC on Monday said it has raised £1.1 million through a subscription, amid delays in collecting receivables from customers. In July, the London-based marketing software provider said a key customer, which owes $550,000, will no longer meet a previously agreed payment deadline expected this month. This delay in payment prompted Pelatro to undertake a wider review of its outstanding receivables, alongside its usual half-year procedures. Following the review, Pelatro confirmed it was experiencing ‘unusual delays’ regarding receivables from four customers, worth an aggregate $1.1 million of a $4.2 million in receivables. On Monday, Pelatro said it has raised £1.1 million through a subscription of 44.7 million news shares with a number of new investors based in the Middle East. The shares were priced at 2.5 pence each, which represents a 30% discount to the shares closing price on Friday. Its shares were up 3.1% to 3.35p each in London early Monday. Pelatro said the funding will support the company’s near term working capital requirements as it seeks to collect receivables as well as add new customers. Chef Executive Officer Subash Menon said: ‘We are delighted to obtain support from new investors who believe in the long term potential of the company. These funds will help us to continue our growth and help improve our working capital.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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