Modern Water's shares sink as it raises about £1.749m

Shares in AIM-traded Modern Water tumbled more than 18% lower as it raised about £1.749m in a bid to accelerate the execution of its organic growth strategy.

It said 15.55m shares were placed by WH Ireland, and 355,000 subscription shares had been acquired by senior management and others at a price of 11p each.

"We look forward to putting the funds raised to work within the Group and accelerate the execution of our organic growth strategy for the business," said chief executive Simon Humphrey in a statement.

Modern Water is the owner of world-leading technologies for water and wastewater treatment and for water quality monitoring.

At 14:39 BST, shares in AIM-listed Modern Water were down 18.44% to 14.38p each.