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Science in Sport raises £8.9mln for international expansion

Published: 18:38 23 Oct 2015 AEDT

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The sports nutrition business wants to expand in Australia and the US

Science in Sport (LON:SIS) is set for an injection of cash as it has arranged an £8.9mln share placing.

The sports nutrition group said the new capital would allow a further acceleration of its growth strategy, by funding international expansion and investments in e-commerce.

It intends to switch to a direct marketing strategy in Australia, and plans a market entry into the United States.

Stephen Moon, Science in Sport chief executive, described the growth opportunities as “compelling” and said the plans would accelerate revenue growth.

Science in Sport will issue 13.38mln new shares through a placing at a price of 59p each, to raise £7.9mln, and it is also issuing a further 1.7mln shares in an open offer to existing shareholders at the same price to raise a further £1mln.

Existing shareholders are entitled to subscribe for one new share for every 15 existing shares they own.

"We are delighted by the strong level of support from new and existing investors in this significantly oversubscribed firm placing, which has been priced without a discount to yesterday's close,” Moon said.

“Through the open offer, we are giving other shareholders the opportunity to participate in this fundraising, which is focused on further accelerating the company's revenue growth.”

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