Totally raises funds to expand service offering

11th Aug 2014 12:42

AIM-listed Totally on Monday placed 80m new ordinary shares, conditionally raising £0.4m before expenses to fund the expansion of it service offering. Having seen its shares initially dive around 20% in early trade, the healthcare services provider had returned to positive territory by early afternoon.Chief executive Wendy Lawrence said: "Following Totally Health's recent success with new contracts and the strength of our new business pipeline, we wish to enhance the current services we provide and offer a wider range of services to customers."The additional funds will be used to allow the company to develop new business models within Totally Health, which will build upon its current services provided to the healthcare sector and develop further routes to market, and for general working capital purposes."The new shares, which were placed at 0.5p each, represent 25.12% of the company's enlarged share capital. The stock was 2.4% higher at 0.64p by 12:22. NR