Lighting firm bids to raise £1m through new share placing
BIRMINGHAM-based lighting firm JSJS Designs is bidding to raise £1m for investment through a successful share placing.
The company, based at Birmingham Science Park Aston, designs, develops and manufactures home automation systems using its LightwaveRFTM technology which allows users to remotely operate everyday household appliances.
The new placing will be split into two tranches, the Firm Placing and the Conditional Placing, both at a placing price of 1p per Ordinary Share. The Firm Placing consists of 50,000,000 Ordinary Shares and the Conditional Placing consists of the placing of 50,000,000 Ordinary Shares.
Details will be posted to shareholders today, the document also contains a notice convening a general meeting of the company on October 17, 2011 at which shareholders will be asked to approve the placing.
It is expected the Firm Placing shares will be issued and admitted to trading on AIM tomorrow, provided the Firm Placing Agreement is not terminated beforehand.
John Shermer, managing director, JSJS Designs, said: “We are delighted to have completed the placings particularly given current market conditions. The feedback on our range of products continues to please us and this additional capital will allow the company to pursue its sales opportunities.”
