Two thirds take up Innovation open offer

21st Dec 2009 07:52

Just over two thirds of the shares available under The Innovation Group's open offer have been taken up by the company's shareholders.The property and insurance software firm made 84m of the 210m shares recently issued at 10p each available to shareholders on the basis of 2 new shares for every 17 shares held.Acceptances were received in respect of 57.6m shares. The left over shares will be placed with institutional and other investors.The company, which said in November its net cash position was a lot better than the market had calculated, will pocket £21m from the placing and open offer.The company said it needed the funds because its smaller capital base put it at a competitive disadvantage when seeking to contract with large insurance companies.