Versarien raises £1.1m for acquisition

Versarien’s shares fell on Monday after saying it has conditionally raised £1.1m in a share placement to help finance one of its proposed acquisitions.

Versarien

0.04p

16:30 08/11/24

1.15%

0.00p

The AIM-listed components group placed 10,552,100 new ordinary shares of 1p each at an issue price of 10p per share.

The funds will be used to finance the acquisition of an undisclosed business, which will complement Versarien's graphene technology.

Versarien shareholders Henderson Global Investors and Miton Asset Management both hold interests of more than 10% in the company to be purchased, making it a related deal under AIM rules.

"We are delighted by the strong level of support from existing investors in the placing,” said chief executive Neill Ricketts.

“The proceeds of the fundraising should allow for the company to capitalise on a number of significant opportunities such as the potential acquisition in addition to accelerating the progress of the business.”

Share dropped 4.29% to 10.05p at the close.