Imaginatik proposes fundraising to strengthen balance sheet

Imaginatik shares fell on Wednesday after the software company proposed a £2.1m fundraising to boost its balance sheet.

The group will raise the funds by placing 63,263,520 new ordinary shares worth £1.6m and an open offer of up to 21,277,896 new ordinary shares worth £0.53m.

The company said the proceeds will be used to strengthen the balance sheet and fund business development investment costs.

“These funds will enable Imaginatik to capitalise on the growth achieved in the last financial year and the underlying progress within the business,” said chairman Matt Cooper.

Shares closed down 8.33% to 2.75p.