Hardide Completes GBP820,000 Fundraising After UK Scheme Approval (ALLISS)

LONDON (Alliance News) - Hardide PLC said Tuesday it will complete a final GBP820,000 ...

Alliance News 13 February, 2018 | 1:22PM
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LONDON (Alliance News) - Hardide PLC said Tuesday it will complete a final GBP820,000 fundraising after the UK taxman confirmed its eligibility for the enterprise incentive scheme.

Hardide - a tungsten-carbide coating company - said the UK HM Revenue & Customs gave advanced assurance that its GBP820,000 deferred subscription was eligible for the EIS tax incentive, which benefits investors in new companies.

As a result, Hardide will complete the deferred subscription with the issue of 48.3 million shares at 1.7 pence each. Shares are expected to be admitted to trading on AIM from next Monday. After admission, Hardide will have 1.69 billion shares outstanding.

The deferred fundraising was part of a GBP2.5 million raising announced in late October. Hardide already raised an initial GBP1.7 million through the issue of 86.2 million shares at 1.7 pence each. At the time, Hardide explained the fundraising was to be used to fund two additional reactors in its US facility, as well other investments.

Shares in Hardide were 1.6% higher at 1.65 pence on Tuesday.

By Ahren Lester; ahrenlester@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Hardide PLC 1.40 GBX 0.00 -
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