Investment company Western Selection says that all the 2007 warrants allocated to subscribers in September have been exercised raising £1.69m for the company.
Shareholders were offered one unit for every five shares they owned 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.
Since the summer the Western Selection share price has fallen sharply from just over 60p to 38p. That is still above the 33p exercise price although the current bid/offer spread is 35p/41p. Of course, the units cost 34p each which is on top of the exercise price.
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