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Research Now to Raise £7m through Share Sale
Online fieldwork and panel specialist Research Now is aiming to raise £7m by placing 2.33 million shares with institutional investors.
The firm says that the net proceeds will be used to 'strengthen the balance sheet' for growth, and provide funds to pay the first instalment of its £20.5m acquisition of Canadian online fieldwork firm OpenVenue in cash (www.mrweb.com/drno/news6389.htm ).
The company has already raised about £1.5m though its first share placing and proposes to raise a further £5.5m through the second placing, which is conditional upon the passing of resolutions by shareholders at an EGM scheduled for 27 December.
Last month, Research Now reported revenue growth of 160% to £25m for the twelve months ending October 31 2007 (www.mrweb.com/drno/news7628.htm ).
The company, which employs 321 full-time staff at its 11 offices in London, New York, Chicago, San Francisco, Toronto, Frankfurt, Hamburg, Paris, Athens, Sydney and Melbourne, is online at www.researchnow.co.uk.
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