LONDON (ShareCast) - Entertainment media company Galleon Holdings has raised £3865m through a placing of shares at a discount to the prevailing market price.
The company has placed 29.6m shares with institutional investors at a price
of 13p per share. The closing price of the shares on the day prior to the announcement was 16.5p.
The funds from the issue will enable the group to take advantage of growth opportunities in China, particularly in the online gaming market, the mobile service provision sector, where it already has a foothold, and the entertainment content arena.
‘Online gaming is one of the fastest growing revenue generating activities in the media sector, both in China and the Rest of the World. Our multi-platform approach creates large online audiences and we are well positioned to create a new revenue stream with online games,’ claimed Stephen Green, chief executive officer of Galleon.
The newly issued shares represent 21.2% of the enlarged issue share capital.
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