TEG share offer oversubscribed
TEG Group, which develops and operates organic composting plants, said its latest £3.8m fundraising has been oversubscribed by shareholders.
The Chorley-based business received 13.1 million acceptances for 7.6 million shares at 10p available in the open offer.
“All entitlements will be met and excess applications will be scaled back pro rata with 7,622,635 open offer shares being issued pursuant to the open offer,” said the company.
It had already secured £3m by placing 30.7 million shares at 10p with institutional investors.
The placing and open offer will be put to shareholders at a general meeting today in Chorley.
The firm has expanded rapidly in the past year. Last year it trebled capacity and increased its plants from four to 10 with the acquisition of Midlands-based Simpro for £5.9m.
