Aferian PLC on Tuesday said it completed a placing of $4.0 million worth of shares, equal to 30% of outstanding shares before the issue.
It comes after the Cambridge, England-based business-to-business company providing video streaming solutions said after the market close on Monday it would place a total 26.0 million shares at a placing price of 12.0 pence each.
Shares in Aferian surged 39% to 13.90 pence each in London on Tuesday morning.
Aferian on Monday said the placing proceeds will be used as general working capital and replace the need for a further drawdown from its loan from Kestrel Partners LLP, of which £2.1 million is committed but undrawn.
On Tuesday, Aferian said it expected admission of the new shares to take place when the London market opens on Wednesday. At this point, Aferian will have 112.7 million shares in issue.
It noted ‘substantial’ shareholder Kestrel Investment Partners bought 5.9 million shares as part of the placing for around £700,000. Kestrel now holds 22.8 million Aferian shares, a 27% stake.
Premier Miton Investors of Premier Miton Group PLC also bought 4.4 million shares for around £500,000. It now holds 14.4 million Afrerian shares, or 17%.
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