IN BRIEF: Haydale raises PS5.8 million to support SMCC acquisition
Haydale Graphene Industries PLC - Carmarthenshire, Wales-based developer of materials using graphene and other nanomaterials - Raises £5.8 million in total from equity offer at 0.5 pence per share. Raises £4.7 million from a share placing, £540,000 from direct subscriptions from the company, and £500,000 from a retail share offer. Haydale will issue 941.2 million new shares for the placing, 108.8 million for the subscription, and 100.0 million for the retail offer. It also will issue 1.86 billion new shares for the first tranche of its recently announced all-share acquisition of Intelligent Resource Management Ltd, an end-to-end energy efficiency solutions provider that trades as SaveMoneyCutCarbon. Total consideration for the SMCC will be up to £17.1 million in shares, of which £11.2 million worth will be paid on completion. As a result, Haydale’s share total will rise to 7.77 billion from 4.74 billion. It calls a general meeting for January 6 to approve the deals.
The funds will be used for investment in growth and ‘capitalise on the commercial opportunities unlocked by the acquisition’. The company plans to change its name to Haydale PLC to reflect its expanded business focus.
Current stock price: 0.51p
12-month change: up from 0.12p
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