Directa Plus PLC shares edged lower on Monday, amid news that some of its investors plan to vote against a £6.8 million fundraise at its general meeting this week.

Shares in Directa Plus were down 7.7% to 18.00 pence each in London on Monday morning.

The graphene product manufacturer reported that some investors, accounting for just under 20% of its shares, plan to vote against a resolution related to a proposed £6.8 million fundraise.

‘The board believes this action jeopardises the future viability of the business and will have a material adverse effect on the group’s business, financial condition, prospects, capital resources, cash flows, share price, liquidity, results and/or future operations,’ it added.

Should the vote not pass, Directa Plus will need to seek other, emergency, forms of funding. It cautioned that this funding may be ‘on terms significantly less favourable to the company and its shareholders’.

It also said it will ‘would have to severely restrict its costs, potentially impacting its ability to progress its growth strategy and generate value for the Group.’

The general meeting is on Thursday.

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