Legion Group Plc (LGNG.L) revealed the placing of 53.19 million new ordinary shares at 1.88 pence per share to raise £1 million before expenses. The shares were placed by Seymour Pierce Limited with new and existing institutional investors. The net proceeds of the Placing receivable by the Company will be applied to fund further working capital.
The company also said that Stephen Thomas, non-executive Chairman, has subscribed for 5.32 million shares in the placing. Following the placing Stephen will hold a total of 5.32 million shares in the issued share capital of the company representing 0.82% of the enlarged share capital.
Following the placing, the Company will have 646.97 million ordinary shares in issue with one voting right per each ordinary share. The Placing Shares will represent approximately 8.2% of the company's Enlarged Share Capital.
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