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Qonnectis

  • BY: Andrew Hore |
  • POSTED: 23/04/2008 |

Remote meter reading technology developer Qonnectis is raising £1.25m.

FinnCap is placing the shares at 1p each. It will also receive an option entitling it to subscribe to 7.37m shares at 1p each .

Last summer Qonnectis issued a convertible loan of £250,000 to Security Change. This will be converted into 25m shares.

The shares being issued will increase the total number of shares in issue by more than 60%.

The shares slumped 0.32p to 1.23p on the news that the fundraising will be at such a discount to the market price. The shares reached 2.875p at the beginning of 2008 - price they hadn‘t reached since earl 2005.

Qonnectis increased its ales by 81% to £291,000 in the six months to December 2007. It almost halved its operating loss to £197,000. Orders for leakage monitor Leakfrog have been won from South West Water and Three Valleys Water since the beginning of the year. 

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