Greenaway Scott advise on AIM placing of Photonstar
Friday 15th April 2016
Greenaway Scott recently advised on the AIM placing of PhotonStar LED Group plc.
PhotonStar LED Group Plc is a leading British designer and manufacturer of intelligent lighting and building control solutions. The Group's proprietary technology Halcyon™ is a scalable, secure wireless IoT platform for retrofit into commercial buildings, for energy reduction, asset monitoring and control, and real time environmental, behavioural and energy insights. PhotonStar is based in Romsey, Hampshire with a manufacturing facility in Wales.
The company has conditionally raised £1million with new and existing institutional investors, by way of a placing of 38,000,000 new ordinary shares of 1 penny each and a subscription of 2,000,000 ordinary shares of 1 penny each. The Placing was conducted by joint brokers finnCap Limited and Northland Capital Partners Limited.
The funds will be used to strengthen its working capital position as well as development of its products and software including the Halcyon cloud platform.
James McKenzie, Chief Executive of PhotonStar LED, said: "The core activities of the Group have improved throughout 2015, evidenced by narrowing losses and our deepening collaboration with IBM. The strong support shown by current and new shareholders is an endorsement of the excellent position we are in to capitalise on the investment made in halcyonTM to date and to continue the Group's transformation in 2016."
Nigel Greenaway, Corporate Director at Greenaway Scott, said: "Having previously acted for Photonstar, we were delighted to advise on this placing and we look forward to seeing the company develop further following this successful fundraise."
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