BATM Advanced Comms Raises USD18 Million From Placing To Fund Growth

(Alliance News) - BATM Advanced Communications Ltd said Tuesday it raised USD18 million - or ...

Alliance News 25 June, 2019 | 3:09PM
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(Alliance News) - BATM Advanced Communications Ltd said Tuesday it raised USD18 million - or GBP14.1 million - through a discounted share placing at 42.5 pence each.

Shares in BATM were 2.9% lower on the day at 43.70p each in London on Tuesday.

On Monday, BATM announced it was looking to raise "at least" USD15 million through the placing. The firm explained that from the placing - undertaken through an accelerated bookbuild - 90% of funds will be used for the Networking & Cyber unit, with the remainder being used for its Bio-Medical unit.

On Tuesday, BATM confirmed it would raise USD18 million through the issue of 33.3 million shares. Once the shares are admitted - expected next Monday - there will be 437.1 million shares outstanding in BATM, meaning the newly-admitted shares would represent 7.6% of the enlarged share capital.

"We are delighted to have raised USD18 million through the successful completion of this fundraising," BATM Chief Executive Officer Zvi Marom said. "We thank our existing investors for their support and welcome our new shareholders."

"This is an exciting time for BATM with great progress being made across our business units, and particularly with our NFV activities and molecular diagnostics," Marom added. "We look forward to utilising these funds to accelerate our growth and to delivering value for our shareholders."

By Ahren Lester; ahrenlester@alliancenews.com

Copyright 2019 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar Rating
BATM Advanced Communications Ltd 47.20 GBX 6.07 -
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