Energiser Investments raising £1m in placing

20th Dec 2016 15:02

(ShareCast News) - Energiser Investments went ahead with placing to raise funds in the region of approximately £1m before expenses on Tuesday, through the issue of new ordinary shares in the company at a price not less than 2p per ordinary share.The AIM-traded firm had planned for the placing to be by way of an accelerated book build, with the number of new ordinary shares to be issued, along with pricing and the aggregate proceeds to be raised through the placing to be finally determined following completion of the bookbuild process.At a price of 2p per share, a placing of £1m would result in the issue of 50 million new ordinary shares.The company's board said the net proceeds of the placing will be used for general working capital purposes and to provide additional investment funds for the company."Since the summer, we have re-enforced Energiser's balance sheet by converting a loan into an equity stake," said CEO Dominic White."This placing will further add to the company's strength."We continue to recognise an under-supply in residential property markets in major UK cities, in particular the fast growing demand for short and medium term stay residential units."