K3 in £2.7m share placing
SALFORD software firm K3 Business Technology has conditionally raised £2.7m through a share placing.
The moves comes a week after full-year figures revealed a drop in pre-tax profits from £3.9m to £185,000 and a 5% slip in revenues to £31.5m.
It has placed 2.8 million shares with new and existing institutional shareholders at 95p each. The shares closed at 92p yesterday.
In a statement the AIM-listed firm said: “The net proceeds of the placing are intended to be deployed in reducing K3’s borrowings and for general working capital purposes, whilst also satisfying market demand and broadening the institutional shareholder base of the group.”
The company supplies and supports Microsoft-based enterprise resource planning (ERP) software – a system that manages everything from stock to till sales. It has net debt of £12.3m.
