Bilby plc (AIM: BILB), a leading gas heating, electrical and building services provider, announced on November 15th the completion of a fundraise of £2 million by way of a placing of new shares at a price of 11 pence per share; Canaccord Genuity Limited acted as Nominated Adviser and sole broker in relation to the Placing. The price of Bilby shares before the pacing was 23p and after the placing was 17p. The RNS says that the Directors of the company participated in the fund raise but disappointingly no retail shareholders were offered the ability to participate. Retail shareholders have not only missed out on a discounted placing but they have been diluted as well.
Chris Spencer-Phillips, Director at ShareSoc, expresses his disappointment that retail shareholders have yet again been ignored in a preferential placing by brokers. In France quoted companies who do a fund raise are obligated to offer 10% to retail shareholders but sadly there is no such requirement in the UK which should lead the way in such matters.
Chris is a shareholder in Bilby.