Arria NLG Rises 31% after Reporting Progress with US Fund-Raising
19 Gennaio 2017 - 1:29PM
Dow Jones News
By Philip Waller
LONDON--Shares in technology company Arria NLG (NLG.LN) Thursday
rose 31% on its last day of trading on London's AIM market after it
reported strong interest from U.S. investors in an offer to raise
$25 million.
Arria quoted brokerage Rainmaker Securities as saying more than
20 investment firms are in a due diligence phase and it expects to
complete the capital raising in the first quarter.
Arria plans to use the proceeds for business development,
technology and working capital, he added.
"Arria NLG welcomes the anticipated expansion of its U.S.
investor base as Arria NLG's 2017 plan calls for further expansion
of its footprint and client base in the U.S.," the group said in an
update.
The company, which provides technology that converts data into
written reports, added 2017 is off to a strong start with the
recent signing of contracts with business consultants Accenture
PLC, computing giant International Business Machines Corp. (IBM)
soft drink maker PepsiCo Inc. and electronics group Samsung.
The group, which is moving its listing from London's AIM market,
said its planned listing in New Zealand and Australia will give it
the market support it needs to realize the full value of its
stock.
The group will issue short-term notes that convert to shares and
options of Arria NLG Ltd when it lists on stock exchanges in New
Zealand and Australia, in return for a minimum investment per
investor of $500,000.
The U.S. offer may be subscribed for outside of the U.S. and
there may be further funds raised at the time of the listing, a
spokesman said.
The last day of trading in Arria's ordinary shares and warrants
on AIM is Thursday and they will be cancelled from 0700 GMT Friday
Jan. 20.
At 1143 GMT, shares in Arria were up 2.1 pence, or 31%, at 9
pence.
-Write to Philip Waller at philip.waller@wsj.com
(END) Dow Jones Newswires
January 19, 2017 07:14 ET (12:14 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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