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SerVision advances after premium share subscription

Published: 01:11 22 Jul 2014 AEST

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Servision (LON:SEV) shares advanced 25% this afternoon after revealing a premium-priced share issue to raise £625,000.

The AIM quoted security systems specialist issued 12mln new shares to subscribers at a price of 5.2p, some 73% above Friday’s closing price of 3p per share.

Servision said the capital injection will be used to satisfy the group’s existing order book as well as boosting working capital purposes.

"I am pleased to raise further funding from a small group of investors at a premium to the current prevailing share price,” said chairman Gidon Tahan.

“This funding will provide the company with further working capital to fulfil its order book. 

“After a difficult 2013 I am encouraged by our prospects for the remainder of 2014 as evidenced by our existing pipeline and our recently announced distribution agreements for the distribution of our video gateway products into China, the United States and Canada."

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