By Sheri Kasprzak
New York, Dec. 23 - Newport Networks Group plc said it has negotiated a private placement for £15.5 million.
The company plans to sell 103,333,333 shares at 15p each. The price per share is a 43.4% discount to the middle-market price of 26.5p on Dec. 22.
The offering represents 62.03% of the company's issued share capital.
Proceeds will be used for working capital and to strengthen the company's balance sheet.
Evolution Securities is the underwriter for the offering.
Based in Chepstow, Wales, Newport is a voice-over-internet protocol service provider.
| Issuer: | Newport Networks Group plc
|
| Issue: | Stock
|
| Amount: | £15.5 million
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| Shares: | 103,333,333
|
| Price: | 15p
|
| Warrants: | No
|
| Underwriter: | Evolution Securities
|
| Pricing date: | Dec. 23
|
| Stock price: | 26.5p at close Dec. 22
|
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