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LONDON - Energy storage company Gelion plc (AIM:GELN) announced Thursday a retail share offer to raise up to £500,000 through the issuance of up to 2.5 million new ordinary shares priced at 20 pence each.
The retail offer, which will be conducted via the Winterflood Retail Access Platform (WRAP), comes alongside a previously announced placing and subscription targeting approximately £10 million through the issuance of 50 million new shares at the same price.
The minimum subscription amount for retail investors is £100, with the offer expected to close on October 23. Eligible participants must be customers of participating financial intermediaries and can include individuals aged 18 or over, companies, partnerships, and other organizations.
Gelion stated that the net proceeds from both the retail offer and the larger placing will be utilized for the same purposes, though specific details about the use of funds were not provided in the announcement.
The retail offer is conditional upon shareholder approval and completion of the larger placing and subscription, but the placing is not dependent on the retail offer’s completion. The company expects the new shares to be admitted to trading on AIM on November 7.
The company noted that it values its retail shareholder base and believes it appropriate to provide both new and existing retail shareholders the opportunity to participate in the fundraising.
Gelion reserves the right to amend the size of the retail offer, scale back orders, or reject applications without providing reasons. The company emphasized that once applications are accepted, they cannot be withdrawn.
The announcement was based on a press release statement from Gelion plc.
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