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Symphony Environmental Technologies receives further backing from Somerston

Somerston Group, already a shareholder in Symphony, has upped its stake considerably

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The shares were placed at a hefty premium

Symphony Environmental (LON:SYM) has raised half a million pounds through an issue of shares at 10p each.

The company, a specialist in “making plastic smarter”, has placed 5mln shares with a subsidiary of Somerston Group, lifting Somerston’s stake to 18.2%. The placing price is a 16% premium to last night’s mid-market closing price of 8.62p for Somerston.

The shares rose 7% to 9.23p on the announcement of the fund-raising.

Symphony will use the funds to boost working capital, as it continues to develop its range of technologies.

In addition to the shares, Symphony has issued 2.2 warrants to Somerston that may be exercised at any point in the next three years, enabling Somerston to convert each warrant into a Symphony share at a price of 15p per warrant.

"We are delighted for the continued support of Somerston who have materially increased their investment in Symphony,” said Michael Laurer, the chief executive officer of Symphony.

Quick facts: Symphony Environmental Technologies PLC

Price: 7.525 GBX

AIM:SYM
Market: AIM
Market Cap: £12.79 m
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