Omega Diagnostics confirms investor support for £5m fundraise

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Omega Diagnostics has confirmed it has ‘conditional investor backing’ for an equity fundraising at 5p per share, with plans under consideration to raise around £5m through an equity placement. actions.

The Alva-based diagnostics company issued a short stock statement in response to online speculation about a potential fundraising opportunity.

He was considering a share placement to raise £5m, with an accompanying open offer to raise up to a further £2m.

“Any such fundraising would, however, be conditional on certain other corporate actions currently being explored by the group and, therefore, there is no certainty at this time that such fundraising will continue.” , the statement said.

It followed speculation last month that he was in talks with “certain investors and shareholders” regarding the potential equity fundraising.

Omega has cash balances in excess of £2.5m and an unused overdraft facility of £2m.

Since today’s announcement, the share price has fallen from 8.49 pence per share to 7.15 pence.

Last month, Colin King announced he was stepping down as chief executive with immediate effect and was replaced by Jag Grewal, who had served on the board since June 2011 and was previously chief executive of the health and company nutrition.

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