TIDMPTRO
RNS Number : 8560B
Pelatro PLC
14 June 2021
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 (as it forms part of
UK domestic law by virtue of the European Union (Withdrawal) Act
2018) . Upon the publication of this announcement via a Regulatory
Information Service ("RIS"), this inside information is now
considered to be in the public domain.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM
AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE REPUBLIC OF IRELAND, THE
REPUBLIC OF SOUTH AFRICA OR THE UNITED STATES OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN PELATRO PLC OR ANY OTHER ENTITY IN
ANY JURISDICTION.
Pelatro plc
("Pelatro" or the "Company")
Placing of 5,375,000 New Ordinary Shares at 40 pence per
share
PrimaryBid Offer
and
Notice of General Meeting
Pelatro Plc (AIM: PTRO), the telecom Customer Engagement
software specialist , is pleased to announce a conditional Placing
to raise GBP2.15 million (before expenses) by way of the issue of
5,375,000 New Ordinary Shares at the Issue Price of 40 pence per
Ordinary Share. The Placing has been arranged by Cenkos and the New
Ordinary Shares will rank, pari passu, in all other respects with
the Company's existing Ordinary Shares.
Furthermore, the Company is seeking to raise additional capital
via PrimaryBid in order to provide other investors who may not have
taken part in the Placing, with an opportunity to participate in
the Fundraise.
Fundraising Highlights:
-- Conditional Placing to raise GBP 2.15 million through the
issue of 5,375,000 New Ordinary Shares at the Issue Price of 40
pence per New Ordinary Share
-- Approximately GBP 0.68 million raised through the placing of
EIS/VCT Placing Shares and approximately GBP1.47 million through
the placing of General Placing Shares
-- Proposing to raise additional capital via the PrimaryBid
Offer, which shall remain open until 12.00 noon on 15 June 2021
-- The Issue Price equates to a 23.8 per cent. a discount to the
closing mid-market price of 52.5 pence on 14 June 2021
-- The New Ordinary Shares issued pursuant to the Placing
represent 12.7 per cent. of the Enlarged Issued Share Capital
-- The net proceeds of the Fundraise will be used by the Company for the following purposes:
o GBP1.5 million (approximately) will be invested in the mobile
advertising opportunity, primarily in sales and marketing
o The remainder of the net proceeds will be used to strengthen
the Company's balance sheet, including the repayment of short and
long term debt
General Meeting
The Fundraise is conditional, inter alia, upon Shareholder
approval at the General Meeting of the Company which will be held
at 49 Queen Victoria Street, London EC4N 4SA, at 11.00 a.m. on 1
July 2021.
The Company will shortly be posting a Notice of General Meeting
and an accompanying circular to existing Shareholders following
this announcement. All relevant documents will also be available to
download from the Company's website at www.pelatro.com
Subject to, inter alia, the passing of the Resolutions at the
General Meeting, the EIS/VCT Placing Shares are expected to be
admitted to trading on AIM on or around 8.00 a.m. on 2 July 2021,
being one Business Day prior to admission to trading on AIM of the
General Placing Shares and the PrimaryBid Shares, which are
expected to be admitted to trading on AIM on or around 8.00 a.m. on
5 July 2021.
Richard Day, Chairman said : "We are delighted at the support we
have received from new and existing shareholders. We see great
opportunity to build our business in the mobile advertising space
and are excited by the commercial opportunities which lie
ahead."
For further information contact:
Pelatro Plc
Subash Menon, Managing Director c/o Cenkos Securities
plc
Nic Hellyer, Finance Director
Cenkos Securities plc (Nominated adviser
and broker) +44 (0)20 7397 8900
Stephen Keys / Mark Connelly (Corporate
Finance)
Michael Johnson / Dale Bellis (sales)
INTRODUCTION
The Company announces today a conditional Placing to raise
GBP2.15 million (before expenses) by way of the issue of 5,375,000
New Ordinary Shares in two tranches at the Issue Price of 40 pence
per share, a discount of 23.8 per cent. to the closing middle
market price of 52.5 pence per Ordinary Share on 14 June 2021
(being the last practicable date before publication of this
announcement).
In addition, the Company is seeking to raise additional capital
via PrimaryBid in order to provide other investors who may not have
taken part in the Placing, with an opportunity to participate in
the Fundraise.
The Fundraise is conditional, inter alia, upon Shareholders
approving the Resolutions at the General Meeting. Accordingly, the
Company will later today be sending to Shareholders notice of the
General Meeting which will be held at 49 Queen Victoria Street,
London EC4N 4SA, on 1 July 2021 at 11:00 a.m. at which the
Resolutions will be proposed.
BACKGROUND TO AND REASONS FOR THE FUNDRAISE
Introduction and Business Summary
The Company provides specialised, enterprise class software
solutions for customer engagement, principally to telcos, who face
a series of challenges including market maturity, saturation and
customer churn. Pelatro's multi-channel contextual campaign
management software enables relevant and personalised interactions
with telco subscribers in real time to increase the telco's revenue
and reduce customer churn. The Company currently provides its
software solutions to 20 telco customers in 17 countries,
principally in emerging markets, with a combined user base of
almost 1.0 billion. It is headquartered in the UK and has offices
in the USA, Singapore, Russia, Philippines, Malaysia, Brazil and
India employing approximately 180 people. As recently announced,
the Directors believe that the Company is now at an inflection
point for its growth prospects, with a significant opportunity to
invest in the fast-growing mobile advertising space, an area
complementary to the Group's existing activities. The Placing will
enable the Group to invest further in this area and also to pay
down some short and long term debt. The Directors believe that
Pelatro can grow quickly to become a $25 million revenue business
in the medium term with high recurring revenue streams and strong
cash generation.
Products - mViva
Pelatro's Customer Engagement Hub, mViva, is a complete
end-to-end product suite covering contextual campaign management,
loyalty management, data monetisation and unified communication
solutions. The mViva platform has resulted in increases of up to
5.0 per cent of annual incremental revenue for the Company's telco
customer base. mViva uses big data analytics to study growing end
user data to reveal patterns, trends, associations and key
behavioural traits. mViva then applies algorithms to analyse this
data and to identify patterns for each end user. Based on this
analysis, relevant offers (which can include additional services or
customised campaigns) are made to end users through a variety of
channels like social media, SMS, email and apps. Importantly,
Pelatro processes the data provided by the telco in real time,
enabling the telco to push targeted offers to users in response to
their live online activity. This functionality and the ease of use
of the platform for marketing teams when formulating campaigns, has
enabled Pelatro to displace global software players who are not as
specialised as Pelatro. The Group is continually developing its
offering to respond to the changing demands of telco customers and
has launched a suite of add-on modules to this end.
Revenue model
Pelatro was founded in March 2013 and admitted to trading on AIM
in December 2017. The Company's revenue model has evolved since its
admission to AIM: initially focused on licences, which produced
largely one-off revenues. With the expansion of the software suite
and the increasing reputation of the Pelatro brand and proposition,
the Company decided to transition more to a recurring revenue model
in 2019, to improve the quality and visibility of earnings and also
to help satisfy customer demand. The Company has successfully made
this transition, selling two types of recurring revenue contracts:
Revenue Gain Share, in which Pelatro earns a share of the monthly
revenue gain generated by using its product; and Managed Services,
where Pelatro earns a fixed monthly fee for providing the product
and managing the operations. This change has led to increasing
value addition from Pelatro to its customers and in 2020 recurring
revenue accounted for 71 per cent. of total revenue. Visibility of
expected revenue to be contracted in the year to December 2021 is
currently at around $7 million.
Expansion opportunity
As referred to in the Company's recent annual results, the Group
has been for some time reviewing opportunities in the fast-growing
mobile advertising space as an area complementary to its existing
operations.
Mobile phones are ubiquitous and the significant penetration of
smart phones (in developed countries as high as 80%, and in Asia
for example currently about 50%) has opened up a new channel for
advertising, namely mobile advertising. The global mobile
advertising market, according to a survey by IMARC Group, is
expected to grow from $52 billion in 2018 to $221 billion in 2024
at a CAGR of 27%. This segment is growing at a frenetic pace.
Communication Service Providers or CSPs are well situated in
this market as they hold large amounts of data about their
customers (who may number tens of millions and even hundreds of
millions in some countries). This data, with appropriate consent
and anonymity, can be shared with B2C players in financial
services, retail, travel & hospitality, FMCG and brands to
enable the latter to engage in targeted marketing of their products
across advertising, campaigns, surveys, loyalty programmes etc. The
Directors believe that there will be various opportunities of
partnering with its telco customers to enter this huge market, to
market this data to ad agencies who can in turn on-sell to their
customers. Such targeted campaigning will be contextual, relevant,
personalised and real time.
The Directors believe that Pelatro's platform mViva, which
handles such marketing for telcos using the vast quantity of data
that it collects and processes applying AI/ML and other analytical
techniques, is well positioned to provide access to the segments
mentioned earlier for mobile advertising and related activities.
Accordingly, the Group intends to use certain of the Placing
proceeds to help fund its entry into this space, primarily by
investing in sales and marketing.
USE OF PROCEEDS
The Directors intend to use the net proceeds from the Fundraise
for the following purposes:
-- GBP1.5 million (approximately) will be invested in the mobile
advertising opportunity, primarily in sales and marketing; and
-- the remainder of the net proceeds of the Fundraise will be
used to strengthen the Company's balance sheet, including the
repayment of short and long term debt.
DETAILS OF THE CONCERT PARTY SHAREHOLDINGS
The Admission of the New Ordinary Shares (excluding the
PrimaryBid Shares) will result in the combined Concert Party
shareholding being diluted from 39.8 per cent. to 34.7 per cent.
Details of the Concert Party shareholdings can be found in the
table below:
Name Number % of existing Interest in % of Enlarged
of Issued Share Ordinary Shares Issued Share
Ordinary Capital on Second Admission Capital
Shares
held
---------------------------- ----------------------- ------------------ ----------------------- ------------------
Subash Menon 9,684,244 26.2% 9,684,244 22.8%
Sudeesh
Yezhuvath 3,309,309 8.9% 3,309,309 7.8%
Suresh
Yezhuvath 1,014,613 2.7% 1,014,613 2.4%
Ravi Shanmugam 716,240 1.9% 716,240 1.7%
---------------------------- ----------------------- ------------------ ----------------------- ------------------
Total 14,724,406 39.8% 14,724,406 34.7%
DETAILS OF THE PLACING
The Company is proposing to raise GBP2.15 million (before
expenses) pursuant to the Placing. The Company has conditionally
raised a total of approximately GBP0.68 million through the placing
of the EIS/VCT Placing Shares and approximately GBP1.47 million
through the placing of the General Placing Shares. Admission of the
Placing Shares will occur over two Business Days to assist
investors in the EIS/VCT Placing Shares to claim certain tax
reliefs available to EIS and VCT investors.
Subject to, inter alia, the passing of the Resolutions at the
General Meeting, the EIS/VCT Placing Shares are expected to be
admitted to trading on AIM on or around 8.00 a.m. on 2 July 2021,
being one Business Day prior to admission to trading on AIM of the
General Placing Shares, which are expected to be admitted to
trading on AIM on or around 8.00 a.m. on 5 July 2021. The allotment
of the EIS/VCT Placing Shares will be conditional on First
Admission occurring. The allotment of the General Placing Shares
will be conditional on First Admission and Second Admission
occurring. Shareholders and potential investors should be aware of
the possibility that the First Admission and Second Admission may
not occur, or that First Admission occurs but Second Admission does
not.
Although the Company currently expects to satisfy the relevant
conditions for EIS/VCT Placing Shares, and the Directors are not
aware of any subsequent change in the qualifying conditions or the
Company's circumstances that would prevent the EIS/VCT Placing
Shares from being eligible for EIS and VCT investments on this
occasion, neither the Directors nor the Company, nor Cenkos, nor
any of its respective directors or their officers, employees,
affiliates or advisers give any warranty or undertaking or other
assurance that relief will be available in respect of any
investment in the EIS/VCT Placing Shares, nor do they warrant or
undertake or otherwise give any assurance that the Company will
conduct its activities in a way that qualifies for or preserves its
status. As the rules governing EIS and VCT reliefs are complex and
interrelated with other legislation, if Shareholders, or other
potential investors, are in any doubt as to their tax position,
require more detailed information, or are subject to tax in a
jurisdiction other than the United Kingdom, they should consult
their professional adviser.
The Issue Price of 40 pence per share equates to a discount of
23.8 per cent. to the closing price of 52.5 pence on 14 June 2021,
the latest Business Day prior to the announcement of the Fundraise.
The New Ordinary Shares (excluding the PrimaryBid Shares) will
represent approximately 12.7 per cent. of the Enlarged Issued Share
Capital. The New Ordinary Shares will, following each of the First
Admission and Second Admission, rank in full for all dividends and
distributions declared, made or paid in respect of the issued
Ordinary Share capital of the Company after the date of their
respective issue and will otherwise rank equally in all other
respects with the existing Ordinary Shares.
DETAILS OF THE PLACING AGREEMENT
Pursuant to the terms of the Placing Agreement, Cenkos has
conditionally agreed to use its reasonable endeavours, as agent for
the Company, to place the Placing Shares with certain institutional
and other investors. The Placing has not been underwritten. The
Placing Agreement is conditional upon, inter alia:
-- the Resolutions being passed without amendment at the General Meeting;
-- compliance by the Company with its obligations under the Placing Agreement; and
-- with respect to the issue of the EIS/VCT Placing Shares,
First Admission becoming effective by not later than 8.00 a.m. on 2
July 2021 (or such later date as is agreed between the Company and
Cenkos, being not later than 8.00 a.m. on the Long Stop Date).
-- with respect to the issue of the General Placing Shares,
First Admission becoming effective as described above and Second
Admission becoming effective by not later than 8.00 a.m. on 5 July
2021 (or such later date as is agreed between the Company and
Cenkos, being not later than 8.00 a.m. on the Long Stop Date).
The Placing Agreement contains warranties from the Company in
favour of Cenkos in relation to, inter alia, the accuracy of the
information in the Circular and other matters relating to the
Company and its business. In addition, the Company has agreed to
indemnify Cenkos in relation to certain liabilities it may incur in
respect of the Placing. Cenkos has the right to terminate the
Placing Agreement in certain circumstances prior to the First
Admission and/or Second Admission, in particular, in the event of a
breach of the warranties given to Cenkos in the Placing Agreement,
the failure of the Company to comply in any material respect with
its obligations under the Placing Agreement, the occurrence of a
force majeure event or a material adverse change affecting the
condition, or the earnings, management business, affairs, solvency
or prospects of the Company as a whole.
DETAILS OF THE PRIMARYBID OFFER
The PrimaryBid Offer, will allow investors to participate in the
Fundraising by subscribing via PrimaryBid.com.
The PrimaryBid Offer remains conditional on the Placing being or
becoming wholly unconditional.
The New Ordinary Shares issued pursuant to the PrimaryBid Offer
will be free of all liens, charges and encumbrances and will, when
issued and fully paid, rank pari passu, in all respects with the
Existing Ordinary Shares including the right to receive dividends
and other distributions declared following Admission.
The PrimaryBid Offer is not underwritten. The PrimaryBid Offer
will be closed at midday on 15 June 2021.
The Company is relying on an available exemption against the
need to publish a prospectus approved by the UK Listing
Authority.
A further announcement will be made shortly by the Company
regarding further details of the PrimaryBid Offer and how investors
may participate.
Investors should make their own investigations into the merits
of an investment in the Company.
It should be noted that a subscription for PrimaryBid Offer
Shares and investment in the Company carries a number of risks.
Investors should consider the risk factors set out on
PrimaryBid.com before making a decision to subscribe for PrimaryBid
Shares. Investors should take independent advice from a person
experienced in advising on investment in securities such as the
PrimaryBid Shares if they are in any doubt.
GENERAL MEETING AND THE RESOLUTIONS
The Directors do not currently have authority to allot all of
the New Ordinary Shares and, accordingly, the Board is seeking the
approval of Shareholders to allot the New Ordinary Shares at the
General Meeting. A notice convening the General Meeting, which is
to be held at 49 Queen Victoria Street, London EC4N 4SA at 11.00
a.m. on 1 July 2021, will be sent to Shareholders tomorrow. At the
General Meeting, the following Resolutions will be proposed:
-- Resolution 1 , which is an ordinary resolution, to authorise
the Directors to allot relevant securities for cash, with final
numbers included in the circular once the results of the PrimaryBid
Offer are known; and
-- Resolution 2 , which is conditional on the passing of
Resolution 1 and is a special resolution, to authorise the
Directors to allot Ordinary Shares for cash on a non-pre-emptive
basis, with final numbers included in the circular once the results
of the PrimaryBid Offer are known.
The authorities to be granted pursuant to the Resolutions will
expire on whichever is the earlier of (a) the conclusion of the
next Annual General Meeting of the Company; and (b) the date
falling six months from the date of the passing of the Resolutions
(unless renewed, varied or revoked by the Company prior to or on
that date) and shall be in addition to the Directors' authorities
to allot relevant securities and dis-apply statutory pre-emption
rights granted at the Company's Annual General Meeting to be held
on 15 June 2021.
For the purposes of section 571(6)(c) of the Act, the Directors
determined the Issue Price after consideration of applicable market
and other considerations and having taken appropriate professional
advice.
RECOMMATION
The Directors unanimously believe that the Fundraise is in the
best interests of the Company and its Shareholders and unanimously
recommend you to vote in favour of the Resolutions as they intend
to do in respect of their own beneficial holdings in the Company.
The Board has a beneficial interest in 13,118,010 Ordinary Shares
representing approximately 35.4 per cent. of the Ordinary Shares in
issue as at the date of this announcement.
FUNDRAISING STATISTICS
Number of Ordinary Shares in issue at the date
of this announcement 37,032,431
Issue Price 40 pence
Number of EIS/VCT Placing Shares 1,692,835
Number of General Placing Shares 3,682,165
Total number of New Ordinary Shares (excluding
the PrimaryBid Shares) 5,375,000
Gross proceeds from the Fundraise (excluding the GBP2.15 million
PrimaryBid Offer)
Enlarged Issued Share Capital at Second Admission
(excluding the PrimaryBid Shares) 42,407,431
New Ordinary Shares (excluding the PrimaryBid 12.7 per cent.
Shares) as a percentage of the Enlarged Issued
Share Capital
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2021
Announcement of the Placing and the PrimaryBid 14 June
Offer
PrimaryBid Offer closes Midday 15 June
Announcement of the results of the PrimaryBid PM 15 June
Offer
Posting of the Circular 15 June
Latest time and date for receipt of proxy 11:00 a.m. on 29 June
voting instructions for the General Meeting
General Meeting 11:00 a.m. on 1 July
Expected time and date of admission and 8.00 a.m. on 2 July
commencement of dealings of the EIS/VCT
Placing Shares on AIM
Expected time and date of admission and 8.00 a.m. on 5 July
commencement of dealings of the General
Placing Shares and the PrimaryBid Shares
on AIM
Long Stop Date 19 July
Note: All references to times in this timetable are to London
times and each of the times and dates are indicative only and may
be subject to change. Any such change will be notified by an
announcement on a regulatory information service.
DEFINITIONS
In this announcement, the following expressions shall have the
following meanings, unless the context otherwise requires:
"Act" the Companies Act 2006 (as amended)
"Admission" First Admission and/or Second Admission (as the
context requires)
"AIM" the market of that name operated by the London
Stock Exchange
"AIM Rules" the AIM Rules for Companies as published and
amended from time to time by the London Stock
Exchange
"Articles" the articles of association of the Company (as
amended from time to time)
"Board" the directors of the Company from time to time
"Business Day" a day other than a Saturday, Sunday or public
holiday in England when banks in London are open
for business
"Cenkos" or "Nominated Cenkos Securities plc, as the Company's nominated
Adviser" or "Broker" adviser and sole broker
"certificated" where an Ordinary Share is not in uncertificated
or "in certificated form (i.e. not in CREST)
form"
"Circular" the circular to Shareholders containing details
of the Fundraise and including the notice of
the General Meeting
"Company" or "Pelatro" Pelatro plc
"Concert Party" the shareholders of the Company as listed in
paragraph 4 of the Circular together with anyone
deemed to be acting in concert with them, as
defined in the Takeover Code, including Subash
Menon
"CREST" the relevant system for the paperless settlement
of trades and the holding of uncerti cated securities
operated by Euroclear UK & Ireland Limited in
accordance with the CREST Regulations
"CREST Regulations" the Uncertificated Securities Regulations 2001
(SI 2001/3755) including any enactment or subordinate
legislation which amends or supersedes those
regulations and any applicable rules made under
those regulations or any such enactment or subordinate
legislation for the time being in force
"Directors" the directors of the Company as the date of this
announcement
"Enlarged Issued 42,407,431 Ordinary Shares, being the issued
Share Capital" ordinary share capital of the Company immediately
following Second Admission (excluding the PrimaryBid
Shares)
"EIS" the Enterprise Investment Scheme under Part 5
of the Income Tax Act 2007
"EIS/VCT Placing" the placing by Cenkos on behalf of the Company
of the EIS/VCT Placing Shares at the Issue Price
pursuant to the terms of the Placing Agreement
"EIS/VCT Placing the 1,692,835 New Ordinary Shares which have
Shares" been conditionally placed by Cenkos with Placees
pursuant to the EIS/VCT Placing
"FCA" the Financial Conduct Authority of the United
Kingdom
"First Admission" admission of the EIS/VCT Placing Shares to trading
on AIM becoming effective in accordance with
Rule 6 of the AIM Rules which is expected to
take place on 2 July 2021
"Fundraise" together, the EIS/VCT Placing, the General Placing
and the PrimaryBid Offer
"FSMA" the Financial Services and Markets Act 2000 (as
amended)
"General Meeting" the general meeting of the Company convened for
or "GM" 11:00 a.m. on 1 July 2021 at 49 Queen Victoria
Street, London EC4N 4SA, notice of which is set
out at the end of the Circular
"General Placing" the placing by Cenkos on behalf of the Company
of the General Placing Shares at the Issue Price
pursuant to the terms of the Placing Agreement
"General Placing the 3,682,165 New Ordinary Shares which have
Shares" been conditionally placed by Cenkos with Placees
pursuant to the General Placing
"Group" the Company and its subsidiaries from time to
time
"Issue Price" 40 pence per New Ordinary Share
"London Stock London Stock Exchange plc
Exchange"
"Long Stop Date" 19 July 2021
"New Ordinary the 5,375,000 new Ordinary Shares to be issued
Shares" pursuant to the EIS/VCT Placing and the General
Placing and the New Ordinary Shares to be issued
pursuant to the PrimaryBid Offer
"Ordinary Shares" the ordinary shares of 2.5 pence each in the
capital of the Company
"Placees" those persons who have conditionally agreed to
subscribe for Placing Shares
"Placing" together, the EIS/VCT Placing and the General
Placing
"Placing Agreement" the conditional agreement dated on or around
14 June 2021 between the Company and Cenkos relating
to the Fundraise
"Placing Shares" the EIS/VCT Placing Shares and/or the General
Placing Shares (as the context requires)
"PrimaryBid Offer" the offer of New Ordinary Shares made to investors
through the PrimaryBid platform
"PrimaryBid Shares" the New Ordinary Shares to be issued pursuant
to the PrimaryBid Offer at the Issue Price
"Resolutions" the resolutions set out in the notice of the
General Meeting at the end of the Circular
"Second Admission" admission of the General Placing Shares to trading
on AIM becoming effective in accordance with
Rule 6 of the AIM Rules which is expected to
take place on 5 July 2021
"Shareholders" holders of Ordinary Shares from time to time
"United Kingdom' the United Kingdom of Great Britain and Northern
or "UK' Ireland
"VCT" a Venture Capital Trust under Part 6 of the Income
Tax Act 2007
"GBP" UK pounds sterling, being the lawful currency
of the United Kingdom
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IOEBLGDLUBBDGBS
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