Chariot Completes Oversubscribed Open Offer, Raising £0.7 Million
Why we think this is good
The oversubscribed open offer suggests strong shareholder support for Chariot's growth plans across its Upstream Oil & Gas and Renewable Power business segments. While the lack of details on the raise price and discount makes it difficult to fully assess the impact, the relatively small raise size compared to the company's market cap is generally not a major concern for a small-cap company like Chariot.
Key Points
- Chariot's Open Offer was oversubscribed, raising £0.7 million
- All Qualifying Shareholders received their full Basic Entitlement
- Excess Entitlement applications were scaled back on a pro-rata basis
- Funds will support Chariot's growth plans in Upstream Oil & Gas and Renewable Power
Summary
Chariot Limited (AIM: CHAR), the African focused transitional energy company, has announced the results of its oversubscribed Open Offer, which conditionally raised total gross proceeds of approximately US$1 million (£0.7 million). The company stated that all Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement, with applications for Excess Entitlements scaled back on a pro-rata basis. The funds raised will support Chariot's growth plans across its Upstream Oil & Gas and Renewable Power business segments.