Iofina Notes Recent Share Price Rise, Confirms Fundraising Plan (ALLISS)

LONDON (Alliance News) - Iodine market Iofina PLC on Tuesday said there was no real reason behind ...

Alliance News 14 May, 2019 | 10:45AM
Email Form

LONDON (Alliance News) - Iodine market Iofina PLC on Tuesday said there was no real reason behind the rise in its share price other than positive results for 2018 and strengthening in the iodine market.

Shares in Iofina were 18% lower at 26.20 pence on Tuesday, but on Monday had closed at 32.00 pence.

The company, however, did confirm that it was in advanced stages of raising at least GBP5 million in order to pay down some of its debt and progress construction of the IO No 8 plant.

Due to the rise in the share price, the fundraising is likely to be completed at a discount to the Iofina's market price per share. Iofina intends to raised part of the funds through an open offer to allows existing shareholders to take part.

For 2018, Iofina's production was 588.8 million tonnes of crystalline iodine from its Oklahoma plants, 17% higher year-on-year.

Iofina's revenue rose 15% to USD24.0 million, with the pretax loss narrowing to USD1.4 million. Revenue grew due to the higher output, as well as positive iodine prices.

By Dayo Laniyan;

Copyright 2019 Alliance News Limited. All Rights Reserved.

Email Form

Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Iofina PLC 17.94 GBX 2.51 -

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
© Copyright 2020 Morningstar, Inc. All rights reserved.

Terms of Use        Privacy Policy        Cookies