Manufacturer raises £1.5m in share placing

Light Science Technologies, the Derby-based manufacturer of controlled environment agriculture technology and contract electronics, has conditionally raised £1.5m via a share placing and subscription.

The company told the London Stock Exchange it will use the proceeds for product development and intellectual property protection within its CEA division, as well as for “general working capital purposes.”

The placing, conducted by Oberon Investments, consists of 107,750,000 new ordinary shares and a private subscription of 42,250,000 shares. Light Science CEO Simon Deacon has signed up for 15,000,000 of the latter.

The manufacturer will also offer up to 50,000,000 new ordinary shares via the Winterflood Retail Access platform (WRAP). In a statement, the firm said it was looking to raise up to £0.5m via this avenue “to provide qualifying retail investors in the United Kingdom with an opportunity to participate alongside the Fundraising.”

Shareholders will be asked to vote on the conditional aspects of the placing at a General Meeting on 21 April.