By Daniel Cancian
Date: Friday 20 Nov 2015
LONDON (ShareCast) - (ShareCast News) - Shares in Westmount Energy plunged on Friday, after the group reported a wider annual pre-tax loss and unveiled plans to raise funds.
In the year to 30 June, the London-listed company posted a pre-tax loss of £222,239, 8.09% wider year-on-year, on the back of a difficult year for investors in the oil and gas markets, due to a slump in oil prices.
Despite the disappointing results, the group remained confident there will be opportunities for investment in the sector in the medium-term future and has decided to raise funds through a conditional placing and open offer.
The company said it aims to raise £633,212 via the issue of 15.8m shares at 4p each, with the conditional subscription accounting for £240,000 through the issue of 6m to two private investors, Dermot Corcoran and John Craven.
Meanwhile, the open offer will account for the remaining £393,212 through the issue of 9.8m shares to existing shareholders on a one-for-one basis.
Westmount added its directors will take up their full entitlements in the open offer, which will comprise 2.6m open offer shares.
Westmount Energy shares were down 25.93% to 5.00p at 1222 GMT on Friday.
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Currency | UK Pounds |
Share Price | 1.40p |
Change Today | 0.025p |
% Change | 1.82 % |
52 Week High | 2.50 |
52 Week Low | 1.38 |
Volume | 600,000 |
Shares Issued | 144.05m |
Market Cap | £2.02m |
RiskGrade | 295 |
Value |
---|
Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
16:29 | 100,000 @ 1.45p |
16:17 | 250,000 @ 1.45p |
16:12 | 250,000 @ 1.40p |
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