Technology investment and advisory firm Interregnum has placed 21,849,290 new ordinary shares of 5 pence each at 7 pence per share to raise £1,529,450 before expenses. The fund raising is conditional on, inter alia, shareholders of the company passing the required resolutions at the Extraordinary General Meeting to be held on 8 March 2004. The funds raised will be used to develop the group’s existing investments and to fund future acquisitions.
Chairman Ken Olisa, said: “The successful fund raising has significantly increased our access to capital and will enable us to continue to implement our strategy of acquiring principal stakes in growth technology businesses. In particular it will enable us to build on the current subsidiaries, Yospace Technologies and CDS.”
At time when many technology firms retreated from the market Interregnum chose to enhance its portfolio by focusing on growing its advisory revenues and is now in a position with the placing to make further investments.
The group also recently announced the appointment of Melvyn Morris as a non-executive director.