Future Medical places shares at tiny discount

14th Sep 2012 08:46

Futura Medical, best known for its condom products which help maintain a firmer erection during sexual intercourse, is to raise funds through a placing of shares at a tiny discount to the prevailing share price.The company intends to raise £2.08m, gross, through the placing of 3.65m shares at 57p a share, just a penny lower than the closing price of the shares on the day before the placing was announced.The newly issued shares have been placed with institutional investors and represent around one-fifth of the company's enlarged share capital.The cash will be used for working capital purposes.The share price hardened by a penny to 59p in the first hour of trading on the news.JH