Stuffed toy monkey maker Monchhichi raises £2.1m

AIM-listed Monchhichi, a maker of stuffed toy monkeys, has raised £2.1m in order to invest in the company.

The Japanese firm raised £2.1m, before expenses, from a placing of 6m shares at 35p each.

The company has also settled £200,000 worth of outstanding fees and placing commissions through the issue of 500,000 new ordinary shares at a price of 40p each.

The 6.5m shares will be admitted to trade on around 16 February and following admission the company's share capital will consist of 43.9m shares with voting rights and none in treasury.

The funds raised, combined with its equity capital framework, will enable Monchhichi to invest in new opportunities, with at least one related announcement to be expected in the next few weeks.

As part of the placing, 6m warrants were also issued to the new shareholders on a 1:1 basis which allows them to subscribe for new shares in Monchhichi at 80p per share until 24 January 2018.

Executive chairman Simon Fry said: "We are pleased to have completed the main internal housekeeping items and welcome our new Monchhichi shareholders. Our next immediate objective is to implement our bespoke strategy and clearly demonstrate that through a select number of meaningful proven investments we will build significant shareholder value for Monchhichi."