Arria Shares Plunge As Company Seeks Funds Ahead Of AIM Cancellation (ALLISS)

LONDON (Alliance News) - Arria NLG PLC shares plunged on Monday as the company said it is seeking ...

Alliance News 19 December, 2016 | 10:09AM
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LONDON (Alliance News) - Arria NLG PLC shares plunged on Monday as the company said it is seeking shareholder approval for a fundraising ahead of the cancellation of its shares on AIM, as it prepares for listings in Australia and New Zealand instead.

Arria, which develops natural language generation technology, said that, if the cancellation is passed at a general meeting, it expects its shares to be delisted from AIM on January 20, 2017. The company currently expects its New Zealand and Australian listings to complete in March 2017, via a new holding company, Arria NZ.

In advance of those listings, Arria is undertaking a pre-subscription offer of convertible loan notes in exchange for a minimum investment per investor of USD500,000 in New Zealand dollars, aiming to raise NZD25.0 million or approximately GBP14.0 million.

Arria noted that, if it cannot raise sufficient funding via the pre-subscription offer, it will need to seek additional funding from alternative sources, with no guarantee this can be achieved. This could put Arria UK's ability to operate as a going concern at risk in the first quarter of 2017, the company warned.

Shares in Arria were down 20% at 11.00 pence on AIM in London Monday.

By Adam Clark;

Copyright 2016 Alliance News Limited. All Rights Reserved.

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