Falkland Islands Holdings raises funds

14th Jun 2012 13:13

Falkland Islands Holdings, the AIM quoted international services group, has raised eight million pounds following a subscription for shares by Blackfish Capital, an investment fund.In addition, the company is making an open offer under which the company's existing shareholder can buy one open offer share for every 15 ordinary shares they own, with the aim of raising a further £2.0m. The open shares will sold at 320p each, the same price as which Black Capital subscribed. All of the company's directors are participating and excess application will be accommodated to maximise participation in the offer. The proceeds will be used to exploit what it believes are "significant opportunities" that exist following recent hydrocarbon discoveries, as well as developing and expanding its existign business interests on the Falkland Islands. Falklands emphasised that Blackfish Capital Management is supportive of providing further project related equity and debt-finance either directly or via its extended client network. Chairman David Hudd said: "We are excited by the opportunity to develop the group's existing assets in the Falkland Islands in anticipation of the growth in the economy, which the board believes will follow from recent hydrocarbon discoveries. Given the company's history in the Falkland Islands and our leading position, we are confident that further investment now, will generate attractive returns. "We are delighted to have a supportive keystone investor in Blackfish Capital and we believe that further investment now in the Falkland Islands is in the best interest of our shareholders to enable the Company to participate in what we believe could be an explosive period of growth." The share price fell 5.59% to 337.50p by 13:13.NR