Actual Experience launches £3.5m fundraiser; CEO resigns

By Ian Walker

Actual Experience PLC said on Wednesday it was seeking to raise up to 3.5 million pounds ($4 million) through equity offerings to accelerate the company’s sales and marketing initiatives, while warning that if this does not continue, the board will have to reassess the group’s strategy and outlook.

The UK workplace analytics firm also said chief executive Dave Page has stepped down with immediate effect and will be replaced on an interim basis by chief financial officer Steve Bennetts. The company said it would begin searching for a new CEO among external candidates and had a strong internal candidate. He hopes to have a new CEO in place by January 1.

Additionally, the company said non-executive chairwoman Kirsten English will move into a leadership role.

Actual Experience said it was placing 141.3 million new ordinary shares at 2 pence each. This issue price is an 11% discount to Tuesday’s closing price of 2.25 pence.

The company is also seeking to raise £175,000 through a subscription for shares from certain directors and officers, at the same issue price.

It offers an option for brokers to raise up to £500,000, giving shareholders and other investors the chance to buy the shares at a discount.

The fundraising is conditional on shareholder approval at a general meeting to be held on October 7.

Write to Ian Walker at [email protected]

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