Filtronic investors take up half of shares on offer

Mobile phone technology firm Filtronic said investors have taken up just half of the shares it made available under its recently announced open offer.

By The Newsroom

Published 16th Dec 2015, 17:03 BST

The Leeds-based firm managed to raise £500,000, rather than the £1m it hoped to achieve.

Only 10.0 million of the 20.0 million shares on offer, priced at 5.0 pence per share, were taken up by shareholders.

The fundraising still remains conditional as it needs approval from shareholders.

Eligible shareholders who have applied for open offer shares will receive their full basic entitlement.

The proceeds will be used by Filtronic for general working capital purposes.

The fundraising follows Filtronic’s move to raise £4.5m in August as it switched to the smaller AIM market from the London Stock Exchange’s main market.

In the year to May 31, Filtronic made an £11m pre-tax loss following what it described as a challenging and difficult year when customer demand fell short of its expectations.

Leeds