LONDON - Warpaint London PLC (AIM:W7L), a specialist supplier of color cosmetics, has successfully raised £14 million through an oversubscribed share placing, the company announced today. The newly issued shares, totaling 2,745,098 at 510 pence each, represent a slight discount to the previous closing mid-market price.
The placing price was approximately 2.67% lower than the closing mid-market value of the company's shares on December 4, 2024. This fundraising initiative saw participation from all company directors, who collectively subscribed for £582,499 worth of shares, thereby affirming their commitment to the company's growth.
In addition to the placing, Warpaint London also launched a retail offer aimed at UK-based retail shareholders, allowing them to invest at the same price as the institutional investors. The outcome of this retail offer is expected to be disclosed on December 9, 2024.
The funds raised from this placing are not contingent on the completion of any acquisition, and the company has outlined alternative uses for the proceeds in case planned investments do not materialize. However, the retail offer's success is dependent on the completion of the institutional placing.
Admission of the new ordinary shares to the AIM market of the London Stock Exchange (LON:LSEG) is scheduled for 8.00 a.m. on December 10, 2024. The shares will be fully paid and will rank equally with the existing ordinary shares, including rights to dividends and other distributions declared after their issue.
Investors have shown strong interest in Warpaint's offering, as evidenced by the oversubscription of the placing. The company's directors' significant participation also underscores their confidence in Warpaint's prospects.
The announcement is based on a press release statement and provides an overview of the financial move by Warpaint London PLC, reflecting the company’s current position in the market without offering investment advice or qualitative judgments.
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