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Kromek gets strong response to open offer

Kromek could have shifted two-and-a-half times the amount of shares available in the open offer.
Hand-held radiation detection device
Directors also subscribed for shares

Radiation technology company Kromek Group PLC (LON:KMK) was inundated with requests to participate in the company's recently announced open offer of shares.

In all, 5.13mln shares were up for offer at a price of 20p a share, and Kromek could have shifted two-and-a-half times that amount.

Regular shareholders were allotted their full entitlement, which was one new share for every 30 shares currently held. Shareholders that made an application under the excess application facility will receive around 26.4% of the excess new ordinary shares they applied for.

The open offer raised £1mln and was part of a fund raising exercise by Kromek that also saw £20mln raised by placing shares with institutional investors.

Chairman Sir Peter Williams, finance director Derek Bulmer and non-executive director Jerel Whittingham all bought shares in the open offer.

Another non-exec, Lawrence Kinet, would have pitched in had he not been prevented from doing so by virtue of being resident in the USA. He has indicated he will buy 50,000 shares in the open market instead.

Shares in Kromek were up 0.6% at 22.25p in lunchtime trading.

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Kromek Group PLC Timeline

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