Remote Monitored Systems raises £350k in placing
Survey, inspection and monitoring company Remote Monitored Systems has successfully raised £350,000 in a placing to support its core areas of business, provide working capital and clear its debt.
The company placed a total of just under 53.9m ordinary shares at 0.65p each, which is discount of around 10% to the closing mid-market price on Thursday.
Non-executive chairman Nigel Burton has subscribed for just over 15.3m shares and will have an interest of 6.8%. Meanwhile, executive director Trevor Brown has also subscribed for just over 15.3m shares and will have a 22.8% interest in the group.
Chief executive officer Trevor Brown said: "The funds raised will be utilised to promote the continuing growth of both of our operating businesses. The significant participation of the board in the fundraise is an eloquent statement about our confidence in the future.
"We expect 2019 to be a period of strong growth for our two operating businesses, Geocurve and Gyrometric, and this placing provides the resources necessary to fund that growth. 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."
At 1550 GMT, the shares were down 3.5% to 0.70p.