Bould Opportunities PLC (LON:BOU), the cash shell which this week changed its name from Photonstar LED Group, has confirmed it is considering other funding possibilities so it can deliver on its new strategy approved at a recent general meeting.
In a statement noting its share price movement in recent weeks, the AIM-listed group said - as detailed in its announcement on 9 April – it believes that whilst the current cash position is enough to meet the company's immediate cash requirements, it is not enough to deliver on the new strategy.
The company pointed out that its funding strategies may include pre-emptive share issues, such as an open offer or issuances of shares outside of the current pre-emptive authority conditional on further approval from shareholders.
It added that any such fundraise, if concluded, may be at a material discount to the current market price.
The group also confirmed that whilst it is its intention to find a reverse takeover target, it is not currently in any advanced discussions with any such target.
In early morning trading, Bould Opportunities shares were trading at 0.04p, down nearly 36% on Monday’s close, having jumped by 25% in the past week.