Sivota PLC (LSE:SIV), a microcap investment vehicle, traded higher as it raised new capital.
It raised a relatively small amount, around £250,000, at a very big premium, with the new shares issued at 20p – versus Tuesday’s closing market price of just 3p.
And, in Wednesday’s early deals, the shares were up 130% at 7p.
Sivota said the proceeds will be used as general working capital requirements as it continues to actively evaluate potential acquisitions.