LONDON - Windar Photonics PLC (AIM: WPHO), a developer of LiDAR wind sensors for wind turbines, announced today its plan to raise £5.5 million through a non-pre-emptive placing. The company stated that the proceeds from the placing will be used primarily for expansion, operational capital, and to enhance the executive management team, aiming to continue its profitable growth.
The capital raising exercise, known as an accelerated bookbuild, commenced immediately following the announcement. The final number of shares to be issued and their price will be determined at the conclusion of the bookbuild. The exact timing for the close of the bookbuild and the allocation of shares will be at the discretion of Dowgate, the sole broker handling the placing, in agreement with the company.
Windar Photonics highlighted that the new ordinary shares issued in the placing are expected to be eligible for Enterprise Investment Scheme (EIS) purposes and that the company should qualify as a holding for Venture Capital Trust (VCT) purposes. This could provide tax reliefs to qualifying investors.
The placing is not being underwritten, which means there is no guarantee that the shares will be sold at the expected price or that the expected amount of funds will be raised. The announcement of the final details regarding the placing price and the number of shares will be made as soon as possible after the bookbuild process is completed.
This initiative is a part of Windar's strategy to strengthen its balance sheet and support its ongoing momentum in profitability. The company's technology aims to improve the efficiency and power output of electricity-generating wind turbines, which is an increasingly important area of the renewable energy sector.
It's important to note that the information in this article is based on a press release statement from Windar Photonics.
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