More Acquisitions PLC on Monday announced a fundraise of over £300,000, as well as the appointment of two ‘highly experienced company directors’ to its board.
Shares in the London-based special purpose acquisition company were up 30% at 0.65 pence each in London on Monday morning following the announcement.
The placing, designed to ‘facilitate the company’s next phase of growth’, raised £312,240 through the issue of 31.2 million shares at a price of 1 pence each. Two free attaching warrants were included for every one placing share, exercisable at 1.5 pence any time in the five-year period from March 4, 2022. It is expected that the new shares will be admitted to trading on Friday this week.
The company said that proceeds from the fundraise will be used for general working capital requirements and to ensure it maintains sufficient funds for the anticipated costs of any future acquisition.
More Acquisitions also announced the appointment of Neil Sinclair as executive director, effective immediately, with incumbent Rod McIllree retiring to pursue ‘other business interests’. Sinclair possesses ‘over 60 years’ experience in the real estate sector’, according to More Acquisitions. Stanley Davis, a co-founder of the real estate investment trust Palace Capital PLC alongside Sinclair, will also join More Acquisitions as a non-executive director.
Both Sinclair and Davis purchased 10.4 million More Acquisitions shares at 1 pence each on Friday, granting each a 6.5% stake in the company.
Commenting on the appointments, outgoing Executive Director McIllree said: The appointment of Neil and Stanley to the board of the company marks an exciting step towards the execution of a reverse take-over which is expected to be value enhancing for all stakeholders. They begin their tenure on a positive note by investing in the company at a significant premium to the market thereby confirming their faith in their stated objective of value creation. I am very confident I leave the company in good hands and look forward to continuing as a shareholder as it now moves through these next value enhancing steps.‘
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