Investment company Western Selection is offering its existing shareholders the chance to acquire warrants in the company.
Shareholders are being offered one unit for every five shares they own at a cost of 34p. Each unit comprises two 2007 warrants exerciseable on 10 December at 33p each and three 2010 warrants exerciseable between 2008 and 2010 at 50p each. The current share price is 63.5p. The issue of units will raise £872,000 and will cost £240,000. However, Western Selection points out that the cost will be 3% of total money raised assuming all warrants are exercised. The 2007 warrants could raise £1.69m and the 2010 warrants could raise £3.85m. The cash will be used to acquire new strategic investments.
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