Plant Impact to raise £1.4m

AGRICULTURAL specialist Plant Impact is raising £1.45m from an additional share placing.

The Preston company, which makes non-toxic pesticides, has agreed a conditional cash placing of 4.8 million ordinary shares at 30p each.

The directors plan to use the cash to finance further development and testing of its nutrient products, fund trials and recruit sales staff. It wants to increase direct sales in the 15 countries where its products are already being sold.

Chief executive Peter Blezard, said: “With the continuing and strong support of our current shareholders and the confidence shown in the company by new investors we will apply this growth plan fundraising to further develop the company’s commercial potential.”

The placing has been backed by the business’s biggest shareholders which include Preston-based Enterprise Ventures. It has committed to around 200,000 shares and will hold 15% of the enlarged share capital if the deal goes through.

The placing must be approved by shareholders at the next annual meeting on July 30.