VPhase seeks to raise 0.5m pounds with conditional share placing

Energy efficiency company VPhase has conditionally placed 103,800,000 new ordinary shares of 0.25p each at a price of 0.5p per share to raise gross proceeds of 0.5m pounds.

Energy efficiency company VPhase has conditionally placed 103,800,000 new ordinary shares of 0.25p each at a price of 0.5p per share to raise gross proceeds of 0.5m pounds.

The company has entered into a conditional placing agreement with its corporate broker Panmure Gordon, under which Panmure Gordon will procure up to 103,800,800 placing shares at a price of 0.5p per share as the placing price.

The placing price represents a discount of 13% to the official closing market price of 0.575p of an existing ordinary share on December 20.

If all the placing shares are issued, they will represent 8.1% of the company's enlarged issued share capital.

The placing is conditional upon the passing of certain resolutions by shareholders of the company at a general meeting scheduled for January 14 2013.

The company reported that it has seen growth in sales revenues in the period to November 2012 and a four-fold increase in volumes during the same period in each case as compared to 2011.

VPhase said that the growth had been driven by a focus on social housing where the directors believe the benefits of the VPhase product are well recognised.

Commenting on the placing, Rick Smith, Chief Executive Officer of VPhase, said "We are delighted to have had the support of our shareholders in raising funds that will further the continued development of VPhase through the current challenging environment. The company is working with major partners to roll out our products and we look forward to the next phase of VPhase's growth."

VPhase's share price was unchanged at 0.58p at 08:20 on Friday morning.

MF

Recommended

The ten highest dividend yields in the FTSE 100
Income investing

The ten highest dividend yields in the FTSE 100

Rupert Hargreaves takes a look at the companies with the highest dividend yields in the UK’s blue-chip index
23 Jan 2023
The top ten dividend stocks in the FTSE 250
Share tips

The top ten dividend stocks in the FTSE 250

The average FTSE 250 dividend yield is around 4%, but many stocks yield much more. Rupert Hargreaves picks the best FTSE 250 stocks for income investo…
17 Jan 2023
The top funds to invest in
Funds

The top funds to invest in

As market volatility and recessionary fears continue, here are the most popular funds, stocks and trusts investors are putting their money into accord…
5 Jan 2023
Investing trends to watch out for in 2023: what analysts say
Investment strategy

Investing trends to watch out for in 2023: what analysts say

What are sensible strategies for high inflationary times? We ask analysts to find out.
22 Dec 2022

Most Popular

Council tax increases 2023 – how much more will you pay?
Tax

Council tax increases 2023 – how much more will you pay?

Your council tax bill will go up in April - we reveal the councils that have confirmed what this year’s increase will be.
23 Jan 2023
Will energy prices go down in 2023?
Personal finance

Will energy prices go down in 2023?

Wholesale gas prices are on a downward trajectory, but does this mean lower energy bills later this year?
27 Jan 2023
When will interest rates go up?
UK Economy

When will interest rates go up?

New interest rates will be announced on 2 February – we look at what to expect.
26 Jan 2023