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Verditek Plc Shares Plunge 9.7% on £3.5M Share Issue

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Simon Mugo

Shares of Verditek PLC (LON: VDTK) today fell 9.7% after the solar panel manufacturer unveiled plans to raise £3.5 million via a discounted placement of 43.75 million new shares priced at 8p apiece.

The funds raised from the share issue will be used as working capital to buy raw materials as it increases the production of lightweight solar panels. The money will also shore up its working capital while also boosting its balance sheet.

Verditek has won multiple contracts from the maritime, agricultural, oil & gas and mining sectors for projects located in Australia, Peru, Thailand and the UK since June.

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The share issue is not underwritten.

Verditek share price

Tradingview chart of Verditek share price 28102020

Verditek shares today fell 9.7% to trade at 7.90p having dropped from Tuesday’s closing price of 8.75p.

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Simon Mugo
Simon Mugo
Contributor

Simon ist Autor und Analyst für den Bereich Finanzwesen und blickt auf über sechs Jahre professionelle Erfahrung als Trader zurück. Er absolvierte einen Bachelor in Mathematik und Informatik und hat eine Leidenschaft für die Finanzmärkte. Simon handelt FX, Rohstoffe und Aktien. Er konzentriert sich auf Price Action Trading.