Vision Media raises £500,000

OUTDOOR media specialist Vision Media has raised nearly £500,000 after placing extra shares with investors.

The Cheadle-based business, formerly Screen FX, has sold 12.3m ordinary shares at 4p each to institutional investors, board directors, executive management and other existing shareholders.

The extra money will be used to fund the launch of “iconic pods” – interative advertising screens – in shopping centres across the UK. The pods are already in place at the Trafford Centre in Manchester.

Executive chairman Mike Cottman said: “This successful placing signals our continued and growing confidence in the performance of the group. The money raised will bolster our current financial position as well as enable us to take advantage of strategic opportunities elsewhere in the market.”

ScreenFX changed its name earlier this year and installed Dominic Brookman as chief executive after it bought his business, London’s Screen Media Networks.

Shares in the group are trading at around 1.75p.