Maintel Holdings Plc (AIM:MNTL) announced Thursday that its retail offer has closed, raising gross proceeds of approximately £0.5 million through the issuance of 619,545 shares at 80 pence each.
The retail offer, which launched on May 13, forms part of a broader fundraising effort that has conditionally raised gross proceeds of approximately £5.5 million in aggregate. The company plans to issue and allot a total of 4,369,545 new ordinary shares through the placing and retail offer, subject to certain conditions.
The retail offer remains conditional on completion of refinancing, the passing of certain resolutions by shareholders at a general meeting scheduled for 11:00 a.m. on June 1, and admission of the retail offer shares to trading on the AIM market of the London Stock Exchange.
Maintel stated it is in active conversations with current and potential lenders regarding refinancing. The company said the timing of completion of the refinancing process and the date of admission cannot be confirmed at this stage, but is expected to occur no later than June 30, 2026. If the conditions are not satisfied by that date, the fundraising will not complete and the funds will not be received.
Following admission, the company’s issued share capital will total 18,731,037 ordinary shares, inclusive of the new shares.
The net proceeds from the fundraising will be used to strengthen the company’s balance sheet and provide working capital to support delivery of newly signed projects, enhance tendering capability, improve procurement terms and payment performance, and enable the roll-out of the company’s transformation program.
Cavendish acted as sole bookrunner in connection with the placing.
