By Susanna Moon
Chicago, July 30 - Newport Networks Group plc said it plans to raise £6 million from a private placement of shares.
The company said it would issue 200 million shares at 3p per share. The price represents a 22.68% discount to the closing mid-market price of 3.88p on July 26, according to a press release.
Proceeds will be used to strengthen the company's balance sheet and for working capital.
Evolution Securities Ltd. is the placement agent.
Investors include Sir Terence Matthews (for 81,362,900 shares), John Everard (for 1 million shares), John Ackroyd (for 1 million shares), Simon Gibson (for 166,666 shares) and Lord Rowe-Beddoe (for 333,333 shares). This represents 41.93% of the placement.
The placement is subject to shareholder approval at a meeting on Aug. 22.
Newport is an internet protocol equipment company based in Caldicot, England.
| Issuer: | Newport Networks Group plc
|
| Issue: | Stock
|
| Amount: | £6 million
|
| Shares: | 200 million
|
| Price: | 3p
|
| Warrants: | No
|
| Placement agent: | Evolution Securities Ltd.
|
| Investors: | Include Sir Terence Matthews (for 81,362,900 shares), John Everard (for 1 million shares), John Ackroyd (for 1 million shares), Simon Gibson (for 166,666 shares) and Lord Rowe-Beddoe (for 333,333 shares)
|
| Announcement date: | July 30
|
| Stock symbol: | AIM: NNG
|
| Stock price: | 3.88p at close July 26
|
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