Archived article
Please note that tax, investment, pension and ISA rules can change and the information and any views contained in this article may now be inaccurate.
Osirium Technologies PLC on Tuesday said that it raised £1.5 million in the placing and subscription of shares, while it appointed a new chief executive officer, as the current CEO will become executive chair.
Shares in Osirium Technologies were down 36% to 2.58 pence in London on Tuesday midday.
The Cardiff-based cybersecurity software firm said it placed around 63.8 million shares at 2 pence to raise £1.3 million and issued a subscription of 12.8 million shares at 1 pence to specific company directors to raise £255,000.
It also announced a raft of board changes effective from January 1, 2023, including current sales director Stuart McGregor being appointed CEO.
Current CEO David Guyatt will become executive chair in a part-time capacity, while the current chair Simon Lee has stepped down to become senior independent non-executive director.
‘Through the proposed fundraise and the intended further rationalisation of our cost base, we expect to accelerate the time to cash flow break-even and fuel our long-term growth ambitions,’ said Guyatt.
On September 22, Osirium Technologies reported a half year pretax loss of £1.7 million, widening from £1.6 million a year prior.
Copyright 2022 Alliance News Limited. All Rights Reserved.