Remote Monitored Systems Raises GBP350,000 Via Share Placing (ALLISS)

LONDON (Alliance News) - Remote Monitored Systems PLC on Friday said it raised GBP350,000 in a ...

Alliance News 11 January, 2019 | 12:03PM
Email Form

LONDON (Alliance News) - Remote Monitored Systems PLC on Friday said it raised GBP350,000 in a placing of shares to support growth in the company's core areas and provide working capital.

The firm issued 53.8 million shares at 0.65 pence each, a 10% discount to its closing price on Thursday. Remote Monitored Systems shares were trading down 3.5% at 0.70 pence on Friday around midday.

Chief Executive Officer Trevor Brown said: "The funds raised will be utilised to promote the continuing growth of both of our operating businesses. The significant participation of the board in the fundraise is an eloquent statement about our confidence in the future."

Non-Executive Chair Nigel Burton subscribed for 15.4 million shares worth GBP100,000. He now owns 26.1 million shares or 6.8% of the company.

Brown also took up 15.4 million shares for the same price. He now has 88.2 million shares representing a 22.8% stake.

The shares are expected to start trading next Thursday, after which the firm will have 386.3 million shares in issue.

By Elena Cherubini;

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form
Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Remote Monitored Systems PLC 0.90 GBX 0.00 -
About Author Alliance News

Alliance News provides Morningstar with continuously updating coverage of news affecting listed companies.

Audience Confirmation

By clicking 'accept' I acknowledge that this website uses cookies and other technologies to tailor my experience and understand how I and other visitors use our site. See 'Cookie Consent' for more detail.

  • Other Morningstar Websites