Wind turbine technology group Windar Photonics PLC (LON:WPHO) has raised £479,262 by issuing shares at a tiny discount to last night’s closing mid-market price.
Shares in Windar rose 1.75p to 69.75p as the company revealed directors were among those to buy shares at 67.5p, purchasing in aggregate 148,147 of the 710,018 newly issued shares.
The shares being issued represent 1.8% of the company’s enlarged issued share capital. In aggregate, Windar directors hold around 22.87% of those shares, with founder and interim chief executive Jørgen Korsgaard Jensen holding the biggest chunk, at 17.56%.
The net proceeds of the subscription will be used to support the company's strategy to capitalise on the demand for its WindEYE and WindVision Light Detection and Ranging (LiDAR) technologies and to help enable the delivery of Windar's products to its global customers.
The Danish firm’s LiDAR technology analyses wind so a turbine can be optimised to fit conditions and, depending on the price of power, the sensor can pay for itself within 12 - 36 months.
“We see Windar’s fund raising as giving the company additional resources to minimise any loss of momentum following the delays to key installations announced earlier this month,” said house broker Cantor Fitzgerald.
“We think this helps to de-risk the growth prospects of the company and we reiterate our BUY recommendation and target price of 118p,” it added.
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