TEG completes £2m fundraising
TEG Group has announced that it has successfully completed a £2m fundraising announced earlier this month after the firm ended its sale talks.
The Chorley-based company said its open offer of over 66.9m shares at 3p per share had been oversubscribed by 42.2%.
The company had revealed that it needed the extra cash due to delays to project revenues when it announced a pre-tax loss of £8m on sales which had dropped by 14% to £17.9m for 2011. It blamed the bulk of the losses on write-downs in the carrying value of plants at Perth in Scotland and at Hutton, near Preston.
TEG Group makes anaerobic digestion and other green technology equipment used in handling waste streams.
