LifeSafe Holdings PLC (AIM:LIFS) dropped by 10% after the fire extinguisher group announced it wants to raise £400,000 in total at a meaty discount to yesterday’s close.
An institutional placing at 16p will bring in £370,000, with a share subscription raising a further £30,000.
As discounts in recent placings go, Lifesafe is probably mid-table at 22% and the rally in the share price after a heavier fall at the open presumably reflects that.
In a trading update last month, AIM-listed LifeSafe warned that it had been hit by increased costs in digital advertising and logistics, especially in the US, which had impacted profitability.
This year the group expects to book an underlying loss of between £1.3 million to £1.5 million on revenue of £5.7 million to £5.9 million.
Shares were down 2p at 18.5p.