Kelso Group Holdings PLC on Tuesday said it has raised £1.9 million through a placing of shares.

The investor in undervalued London-listed companies said it has raised £1.9 million through a placing of 62.6 million shares priced at 3.0 pence each.

Shares in Kelso were 4.0% lower at 3.10p each in London on Tuesday afternoon.

In total, the placing shares represent about 20% of the existing share capital.

Kelso said it will use the proceeds ‘to continue to execute its mandate to engage and unlock trapped value in the UK stock market.’

Kelso intends to announce its 2023 results in March 2024.

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