By Nigel Somerville, the Deputy Sheriff of AIM | Sunday 14 June 2020
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
Having warned the market on Thursday that a placing was on the way at a substantial discount, the placing duly arrived yesterday morning at two minutes to ten – 37.5 million bits of confetti at 2p to raise £703,000 gross and see off £47,000 worth of liabilities. In some ways one has to congratulate the Broker on a job well done, given that the shares closed Thursday night at 2.65p that amounts to a discount of just 24.5% - a big improvement on the last effort at a monster 77% discount. So where does that leave the company?