Strix Group PLC on Wednesday reported that it had successfully raised £13 million before expenses from a share placing which opened on Wednesday.

The Isle of Man-based kettle safety controls provider undertook the placing to raise funds for its acquisition of Billi. Billi is an Australian brand supplying filtered and non-filtered instant boiling, chilled and sparkling water systems.

On Wednesday morning, when the placing was announced, the company aimed to raise £10 million to fund part of the deal’s total value of £38 million.

11.3 million shares were placed with new and existing investors at a price of 115 pence each. This was a 10% discount to the closing mid-market price on October 3, and 8.0% when taking into account the interim dividend of 2.75p.

Various directors participated in the placing including Chair Gary Lamb, who bought 173,913 shares for £200,000. Chief Financial Officer Raudres Wong bought 86,957 shares for a total of £100,000.

The placing shares represent 5.5% of the company’s share capital.

Shares in Strix closed 5.8% higher at 120.40 pence each on Wednesday afternoon.

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