Big Sofa announces conditional placement of 8m new shares

AIM-listed video analytics firm, Big Sofa announced a conditional placing on Monday that would see the group raise gross proceeds of £1.5m by issue of over 8m new ordinary shares.

The net proceeds of the 18.5p per share placing were being sought to help the company maximise opportunities presented to it by its current customer base which includes Unilever and IPSOS.

Simon Lidington, chief executive of Big Sofa, said "For a company of Big Sofa's size and stage to have established relationships in such a short space of time with these and other global giants, including Unilever - each of which has thoroughly assessed us against other technology providers - is a significant endorsement of the combined power of our secure, scalable and user-friendly technology; and of our deep consumer insight know-how."

Non-executive directors were contributing £210,000 towards the placing which was conditional upon resolutions to be proposed at Big Sofa's general meeting being approved with amendment.

As of 1035 BST, shares had taken a step backwards, down 2.49% to 19.99p.