Remote Monitored Systems raises £0.25m in placing

Survey, inspection and monitoring company Remote Monitored Systems announced the successful placing to raise £0.25m on Friday, which it said would support the continuing growth of ‘GyroMetric’, the development of its new intelligence and security division, settlement with creditors and the group’s working capital requirements.

The AIM-traded firm said a total of 62,500,000 ordinary shares were placed with investors at a price of 0.4p per share - a discount of about 27% to the closing mid-market price on 17 October.

It said the placing shares were due to be admitted to trading on or around 24 October, with dealing commencing at 0800 BST.

Executive director Trevor Brown subscribed £64,250 for 16,062,500 Shares, and following the issue of the placing shares, would have a beneficial interest af about 22.3% of the enlarged issued share capital and total voting rights of the company.

Additionally, Paul Ryan - non-executive director, subscribed £48,250 for 12,062,500 shares, and following issue would have a beneficial interest of approximately 9.1% of the enlarged issued share capital and total voting rights of the firm.

“The funds raised will be utilised to promote the continuing growth of GyroMetric and to develop the new intelligence and security division, working with the established Cloudveil team,” said Trevor Brown.

“The significant participation of the board in the fundraise confirms our confidence in the future.

“Our objective remains to minimise dilution and maximise growth in shareholder value by controlling costs and focusing investment on growing our sales teams whilst we continue to seek further opportunities to enhance shareholder value.”