Technology products and consultancy firm Imaginatik has added £1.26 million to its coffers through a placing.
Alternative Investment Market-listed Imaginatik has secured the funds it needs to support its business development and will not be leaving the junior exchange.
On top of the £1.26 million capital market placing, Imaginatik has also seen certain of its directors commit to swapping a portion of their salary for equity worth £164,000.
Matt Cooper, executive chairman of Imaginatik, says, ‘We have been delighted by the strong support shown by existing and new investors.
‘These funds will enable Imaginatik to continue to develop its innovation offering while remaining a public company on AIM.’
Imaginatik first joined AIM back in December 2006, when it raised £1.5 million on admission. The business, which was set up in 2000 by Mark Turrell and Yvonne Lindow, provides innovation management software, strategies and services for other companies.
On 16 April, the company said that it had completed discussions with all of its main institutional investors and had concluded that, given the ‘strong support’ for the business, the best option for Imaginatik and all its shareholders was to remain on AIM.
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According to a statement, the placing price of 0.0625 pence represents a discount of 67 per cent on the closing mid-market price of 0.19 pence on 25 April 2013. The placing shares and the directors’ future subscription shares will represent some 73 per cent of the enlarged share capital.
Cooper adds, ‘We believe that with innovation and enterprise-wide collaboration now moving into the mainstream our unique consultancy-led business model means our market opportunity is considerable and we therefore look to the future with optimism.’