The company on Friday (15 September) announced the results of the open offer pursuant to the new fundraising that it announced on 29 August.
It said it received valid acceptances from qualifying shareholders in respect of a total of 5,004,250 open offer shares. Accordingly, as a result of obtaining shareholder approval for the fundraising, the company has raised total gross proceeds of approximately £23.4m. Its original target was just shy of £28m.
Grafenia had said it would use the proceeds from the new fundraising to acquire more VMS (vertical market software) businesses that match the company’s criteria.
Proceeds will also be used to repurchase certain of its existing bond arrangements.
It stated: “It is expected that the company will repurchase up to £7.6m of bonds at 87% of their face value (utilising up to £6.6m of the proceeds of the fundraising excluding accrued interest payable and costs) on or around 21 September 2023; and to pay £3.4m of deferred consideration that will become due for the first four acquisitions, and £0.3m of fundraising costs.”
Grafenia posted sales up 1.5% at £12.55m and EBITDA from continuing operations of £410,000 (2022: £170,000) in the year to 31 March. The bottom-line loss was £1.61m.
