Getech raising extra £0.2m through retail offer

9th Aug 2024 10:36

(Sharecast News) - Getech Group announced a retail offer on Friday, aiming to raise up to £0.2m to help strengthen its balance sheet.

The AIM-traded firm said the offer would take place through the issue of up to 10 million new shares at 2p each.

It said the offer, being conducted via the BookBuild platform, followed it conditionally raising £1.5m through a placing and subscription of new shares at the same issue price.

The 2p per share price represented an 11.11% premium over the closing share price of 1.8p on 8 August.

Getech said the funds raised from both the Retail offer and the earlier placing would be used for the same purpose, which it said on Thursday would be to deliver further progress on sustainable growth, whilst also strengthening the balance sheet and enabling a modest spend on targeted research and development activities.

The retail offer, along with the placing and subscription, remained contingent on shareholder approval at a general meeting scheduled for 27 August.

Getech said the new shares from all three fundraising activities were expected to begin trading on AIM on 28 August.

While the retail offer was independent of the placing and subscription, its completion was still dependent on the successful completion of the placing, although the placing and subscription were not contingent on the retail offer's completion.

At 1019 BST, shares in Getech Group were up 16.87% at 2.1p.

Reporting by Josh White for Sharecast.com.