Shares in Built Cybernetics PLC (LSE:BUC) fell sharply after it announced it had raised around £570,000 before expenses to fund its smart buildings strategy, including software development, M&A costs and working capital.
The AIM-listed smart buildings group placed and subscribed for 37,999,994 new ordinary shares at 1.5p each, with the fundraising being conducted in two tranches. It also plans to raise up to a further £100,000 through a retail offer to existing shareholders via the Winterflood Retail Access Platform.
Around £435,000 has been raised under the company’s existing share allotment authorities, with admission of the first tranche expected on or around 8 May 2026. A further £135,000 under the placing and subscription, plus any shares issued under the retail offer, will depend on shareholder approvals at the annual general meeting expected on 22 May, with second admission expected around 25 May.
Chief executive Nick Clark said the fundraise marked “an important step forward” as Built Cybernetics continues to execute its Smart Buildings strategy.
“The proceeds will strengthen the balance sheet, allow us to focus on the growth of the Group's recurring software revenues and pursue potential acquisitions that we believe will re-rate this business over the medium term,” Clark said.
In London, Built Cybernetics shares were down 12.1%, changing hands at 1.67p.