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LONDON - RM plc (LSE:RM), an education technology and digital learning solutions provider, has raised approximately £13.5 million through a share placing, according to a company statement released Friday.
The company successfully placed 14,210,527 new ordinary shares at 95 pence per share, representing a 5 percent discount to the closing price of 100 pence on October 9. The placing was reportedly "significantly oversubscribed," according to the company’s announcement.
The new shares represent approximately 16.9 percent of RM’s existing issued ordinary share capital. Applications have been made to the London Stock Exchange for the placing shares to be admitted to the Official List of the Financial Conduct Authority and to trading on the main market, with settlement expected on October 14.
Several company directors participated in the share placement, including Non-Executive Chair Helen Stevenson, who subscribed for 30,559 shares, and Chief Executive Officer Mark Cook, who purchased 26,315 shares.
"We are very pleased to announce the successful completion of the significantly oversubscribed placing and I would like to thank all those investors for supporting this raise," said Stevenson in the press release statement.
The company noted that it had consulted with major institutional shareholders ahead of the announcement. According to RM, the placing structure was selected to minimize costs, completion time, and exposure to market volatility.
Following the admission of the new shares, RM plc will have a total of 98,085,543 ordinary shares in issue.
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