Miniature antenna manufacturer Sarantel Group has called off discussions with a potential buyer of its operations and raised additional working capital.
Sarantel is raising £277,000 at 0.1p a share but it will need to raise more cash by May. Sarantel says that it intends to raise a further £4.75m at 0.1p a share and the fundraising will include an open offer to existing shareholders. At 0.11p a share, up 10%, Sarantelís existing share capital is valued at £910,000.
The proposed placing indicates that the institutions believe that there are potential markets for Sarantelís products but they realise it will take a long-time to realise this potential.
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