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Trakm8 down again as it announces discounted placing

The money will be used to reduce the big data provider’s net debt, which stood at £6.2mln as of the end of January
big data symbol on a computer keyboard
It's been a rocky few months for the Trakm8 share price

Trakm8 Holdings PLC (LON:TRAK) opened lower on Friday after announcing plans to raise £1.66mln through a discounted placing and subscription.

The telematics and data insight specialist is proposing to issue a total of 2.6mln shares at 65p a piece; a 20% discount to Thursday’s closing price of 78p.

The cash will be used to reduce Trakm8’s net debt, which stood at £6.2mln as of 31 January 2017, while it will also go towards strengthening its working capital position “to support future growth”.

Almost half of the planned total raise is expected to come from directors and seniors managers, which Trakm8 said demonstrates “significant company support”.

The new shares expected to be admitted to AIM next Friday (3 March).

Only a couple of weeks ago, Trakm8 lost almost a third of its value after it told investors that delays in the timing of new orders would “significantly” hit its 2016 full-year results.

Shares were down again today, losing 10% to trade at 70p.

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Trakm8 Holdings PLC Timeline

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