Solco raises $2.6m in rights issue

By Edited announcement
Monday, 13 August, 2007 - 10:04

Welshpool-based solar power and water solutions provider Solco Ltd has raised $2.6 million through a renounceable rights issue, with 86 per cent taken up in the primary rights issue.

 

 

The full text of a company announcement is pasted below

Solco Ltd is pleased to announce that the 1:4 Renounceable Rights Issue in accordance with the Prospectus dated 5/7/07 closed on Wednesday 8th August 2007.

The total number of valid Entitlements received and accepted under the Issue was 32,446,182 ordinary shares at an issue price of 7 cents per share for a total consideration of $2,271m leaving a preliminary shortfall of 5,342,402 ordinary shares.

The Company also allotted and issued a further 5,342,402 at 7 cents per share for a total further consideration of $373k, in response to Shortfall Applications as described in the Rights Issue Prospectus.

As a result, the aggregate take up of shares the subject of the Rights Issue was 100% representing 86% of primary Rights taken up and 14% by way of Shortfall Applications, for a total consideration of $2.645m.

As more applications for Shortfall shares were received than the number of Shortfall shares, the Company adopted the following allocation policy:

  • Shareholders seeking to "top up" their aggregate shareholding to such number of shares not exceeding approximately 10,000 in the aggregate, received priority allocation;
  • All other applications for Shortfall shares were scaled back on a pro rata basis and surplus subscription moneys paid will be refunded in accordance with the Prospectus.

    • The Directors wish to thank shareholders for the level of support received through this transaction.