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Home safety products supplier FireAngel reported narrower annual losses but announced plans to raise up to £6.9 million at a discount to accelerate new product launches and strengthen its balance sheet.
The company said it plans to undertake an open offer on the basis of 10 open shares for every 33 existing ordinary shares at an issues price of 18 pence per share, representing a discount of 19.6% to the closing price on 29 April.
The company also conditionally raised £2.9 million through a firm placing and up to £6.9 million through a conditional placing.
For the year ended 31 December 2020, pre-tax losses narrowed to £9.3 million from £11.0 million year-on-year, while revenue slipped to £39.9 million from £45.5 million.
The company said it had made a 'good start to 2021 and while some uncertainty remains as the COVID-19 related restrictions lift, the board is targeting improved performance and sales growth in 2021 versus 2020.'
The company also announced that Jon Kempster, interim chief financial officer to become a non-executive director of the company.
Zoe Fox, company secretary and finance director of the company's principal subsidiary, FireAngel Safety Technology Limited, had been appointed as CFO.
At 9:34am: (LON:FA.) Fireangel Safety Technology Group Plc Ord 2p share price was 0p at 11p