Starcom raises £300,000 for interim working capital

Starcom says it has raised £300,000 at 2.5p a share with the proceeds to provide additional working capital, citing delays in payments expected late in 2016.

FTSE AIM All-Share

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The company said last month it had sufficient cash for its present needs, but on Friday added that was based on assumptions regarding account settlement by specific distributors.

"The company has since received formal confirmation of the timing of the receipt of these payments, which will now be made in early 2017 rather than in the last quarter of 2016 as originally planned," Starcom said in a statement.

"The proceeds of the placing will provide additional working capital for the company in the interim period."

AIM-quoted Starcom is a technology company specialising in the development of wireless solutions for the remote tracking, monitoring and protection of a variety of assets and people.

At about 11:02 BST, shares in the company were flat at 2.62p.