Dods Group is to raise £6.1 million through a share placing to fund the company’s expansion.
On Wednesday, the media and training company announced a conditional placing of 110.8 million ordinary shares at a price of 5.5 pence each. This price represents a premium of approximately 18.8% to the closing mid-market price of 4.6 pence on 24 July 2012.
The move will raise £6.1 million before expenses to invest in other businesses, and to upgrade the firm’s technology platforms. The group will also invest in the development of new products.
The placing is subject to approval of shareholders at a general meeting on 20 August 2012.
On 28 June 2012, the firm released an AGM statement commenting on its trading performance ahead of its interim results. The group said “trading continues to be hard”, adding that the group remains determined to identify further acquisition opportunities to grow the group.