K3 raises £1.5m in placing
K3 Business Technology, the listed software company, has boosted its acquisitions war chest by raising £1.5m through a shares placing.
The Salford-based group, which supplies Microsoft systems for the retail, manufacturing and distribution supply chain, has placed 1.76 million shares at 85p.
The placing, by broker Daniel Stewart, was oversubscribed and was at a 2.9% discount to the closing mid-market price of 87.5p yesterday.
The stock has been placed with both new and existing institutional investors as well as K3 directors.
The proceeds will be used to support K3’s strategy of seeking complementary acquisitions and for working capital purposes.
Chief executive Andy Makeham, chief financial officer David Bolton and non executive Per Johan Claesson have subscribed for 76,942, 114,500 and 347,500 shares respectively.
In its half year report on September 2, K3, which was formerly based in Colne, Lancashire, reported a fall in sales and profits but said its order book was beginning to pick up.
