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Rosslyn Data Technologies PLC on Wednesday announced that it seeks to raise a minimum of £3.3 million, and aims to significantly lower the amount of shares in issue. The Portsmouth, England-based data management and analytics service provider proposed a placing and subscription to raise at least £2.7 million. It plans to raise £500,000 of this by placing up to 100.0 million new shares a 0.5 pence per share and £2.2 million via placing an undefined number of shares at the same price. Rosslyn Data shares closed 9.6% lower at 0.45p each in London on Wednesday. Further, the company plans to raise £600,000 via issuing convertible loan notes. The fundraise requires approval from shareholders at a general meeting that will be held on September 18, with the subscription expected to launch a day later. In addition, Rosslyn Data announced it aims to carry out a consolidation to reduce the number of shares in issue by a factor of 50. The company currently has 339.9 million shares in issue, which it said is a lot for a company with a market capitalisation of around £1.7 million as of Tuesday. The company said the consolidation will ‘improve market liquidity’ and reduce volatility and spread of its shares. Chief Executive Officer Paul Watts said: ‘This fundraising will enable us to drive revenue growth and provide a pathway to profitability thanks to our scalable business model. It will also allow us to seek to capitalise on the exciting innovation opportunities offered by emerging technologies, such as generative AI. Accordingly, the board recommends all shareholders vote in favour of the resolutions.’ Copyright 2023 Alliance News Ltd. All Rights Reserved.
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