By Michael Susin
Pelatro said late Thursday that it will seek shareholder approval at the annual general meeting to issue a significant number of shares of up to 1.9 million pounds ($2.4 million) to finance potential acquisitions.
The marketing software specialist said that it has received non-binding commitments from a number of overseas family offices and from management of the group to subscribe, underwriting the entire issue without the need to raise any funding from the U.K. market.
The company is currently valued at around GBP3 million.
“As a significant shareholder, I will endeavor to minimize the dilution to the extent possible thereby protecting shareholder value,” Chief Executive Subash Menon said.
The annual general meeting is scheduled to be held June 23.
Write to Michael Susin at [email protected]
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