TEG group has conditionally managed to raise its target fund of £3.8m after placing shares on the stock exchange.
TEG placed 30,766,850 new ordinary shares on the market at a price of 10p per share and shareholders were able to buy new ordinary shares in an open offer.
The open offer closed at 11am on 5 July with valid acceptances for 13,169,917 new ordinary shares from qualifying shareholders. The open offer was oversubscribed by 73%. A statement from the company said: “All entitlements will be met and excess applications will be scaled back pro rata with 7,622,635 Open Offer Shares being issued pursuant to the Open Offer.”
The placing and open offer remain conditional and require the approval of shareholders at a General Meeting taking place today (6 July).
Application has been made to AIM for the admission of the 38,389,485 New Ordinary Shares. It is expected that Admission will become effective on 8 July 2011 and that dealings in the New Ordinary Shares will commence at 8am on 8 July 2011. Following Admission, the Company will have 114,615,830 Ordinary Shares in issue.
The New Ordinary Shares, when issued, will rank equally in all respects with the Existing Ordinary Shares.