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Eight Peaks raises £610,000 via placing to make further investments and for general working capital

In addition, the firm said Zafar Karim, its executive chairman and Lord Nicholas Monson, a non-executive director are shortly expected to subscribe for 1,700,000 ordinary shares to raise a further £170,000 on the same terms
Cash
The placing of 6,100,000 new ordinary shares was undertaken with new and existing shareholders at a price of 10p each

Eight Peaks Group PLC (LON:8PG) has raised £610,000 via a placing with the proceeds to be used primarily to make further investments and for general working capital purposes.

The AIM-listed group – formerly known as Legendary Investments - said the placing of 6,100,000 new ordinary shares was undertaken with new and existing shareholders at a price of 10p each.

READ: Eight Peaks sees major investments make progress

Initially, Eight Peaks said, it intends to use the funds to make a further investment in its largest investment, Virtualstock Holdings Limited, by way of a convertible loan with conversion rights and attached warrants.

In addition to the placing, the firm said Zafar Karim, its executive chairman and Lord Nicholas Monson, a non-executive director of the company are shortly expected to subscribe for 1,700,000 ordinary shares to raise a further £170,000 on the same terms.

Karim commented: “Our confidence in the business is underlined by the intention of both Lord Monson and me to subscribe for a total of 1,700,000 shares in this Fundraising. This will take Lord Monson's and my stakes to 4.0% and 7.9%, respectively.”

He added: "We look forward to reporting on developments in due course."

In late morning trading on Thursday, Eight Peak’s shares held steady at 9.25p.

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Eight Peaks Group PLC Timeline

CN Research
September 03 2018

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