‘Novel’ affinity binders development group Aptamer (APTA) has announced that it is “pleased” to be able to extend its partnership with a top five pharma partner and that “following shareholder approval at the general meeting today, the company has successfully raised £3.6 million (before costs) by way of a placing and subscription. The company intends to use the net proceeds of the fundraise for working capital purposes, with the aim of reaching an EBITDA and cash break even position within two years”. Good news then?
Gfinity (GFIN) “is pleased to announce that the company has today conditionally raised £450,000… at a price of 0.06 pence per new ordinary share… The recently announced restructuring has allowed the company to focus on its digital media business, Gfinity Digital Media, which has a significant position in the Gamer website industry”. How ‘pleasing’ does this focus and equity raise look for investors?
Self-described “leading supplier of composite material kits to aerospace and other high-performance manufacturers”, Velocity Composites (VEL) notes £6.2 million it “is pleased to announce that it has conditionally raised… Furthermore, the company announces a retail offer to raise up to £0.5 million”. How ‘pleasing’ is all of this for shareholders?
Automotive interior components group CT Automotive (CTA) has announced a conditional £7.7 million equity raise, stated to be to “predominately be used to strengthen the balance sheet and to provide the group with flexibility to take advantage of growth opportunities. Additionally, a small portion of the net proceeds are expected to be deployed to realise further efficiency savings including through investment in injection moulding production processes and robotics”. So what of a current share price slide from 49p to 39p?
Controlled environment agriculture and contract electronics manufacturing company Light Science Technologies (LST) has issued a “Result of Fundraising and WRAP Retail Offer” announcement… and the shares are currently more than 4% lower at 1.15p.
Describing itself as “a leading technology enabled labour supply company for the UK infrastructure sector”, Hercules Site Services (HERC) has emphasised “a year where we delivered 50% growth in turnover. This success enabled us to propose a final dividend for the year ended September 2022 of 1.12p per share, resulting in a total dividend of 1.72p per share for the year” and “our recent fundraise provides us with additional working capital to enable us to meet the strong demand for our services we are experiencing”. So what of a just above 40p share price, comparing to above 70p late last month?
Describing itself as “a leading mixed signal chip maker”, EnSilica (ENSI) is “delighted to have received support for our fundraise from both new and existing shareholders”. What though of the market being far from as delighted, with the shares currently down by approaching 7% from a prior 74p close?
Provider of specialist products using printed circuit technology Trackwise Designs (TWD) “is pleased to announce that it has conditionally raised gross proceeds of £6.0 million… Oversubscribed… This fundraise will enable the delivery of a step change in our IHT commercial proposition”. An oversubscribed growth fundraise… so a good price then relative to a last closing 145p share price?…
Just over a week ago Ethernity Networks (ENET), describing itself as “a leading supplier of data processing offload solutions on programmable FPGA (field programmable gate array) hardware for accelerating telco/cloud networks”, was “pleased to report” that its ‘UEP-20’ product “passed the field trials, with bonding successfully performed on a variety of products from multiple vendors, indicating the ability of the solution’s interoperability and flexibility”. The announcement was though an RNS Reach i.e. “non-regulatory”, and I’ve stated the question to ask on such announcements to be ‘Is there a financial reason for such an announcement to now be made?’. Today a placing and subscription…