ONLY half of Filtronic’s proposed £1m share offer has been taken up, which will impact on its turnaround plans.
The company had been looking to place 20.0m shares at 5p each – its shares started 2015 valued at 26p – but received valid acceptances for only 10.0m.
It previously raised £4.5m in October in a share placing that coincided with its move from London Stock Exchange’s main market to AIM.
Filtronic, which designs and manufactures products for the wireless telecoms infrastructure market, sought the funding so that it could “execute on its commercialisation plans” after a torrid financial year in which sales fell by nearly half to £17.5m and pre-tax losses trebled to £11.0m.
