SHARE PLACING FOR LIGHTWAVERF

 

A Birmingham technology company is aiming to raise more than £1.4m by placing new shares on the London Stock Exchange.

LightwaveRF is behind the LightwaveRF Smart Home Platform, which enables home and business owners to control lighting, power, heating and security using smartphones, tablets or PCs.

It has applied to the London Stock Exchange for 6.3 million new shares to be admitted to AIM, with trading expected to begin on 5 August 2015.

The placing is expected to raise about £1.44m before expenses and will support product development.

Chief executive Mike Lord said: "We now have a broad range of proven products in the market giving us a unique position in the Connected Home market. We will continue to invest in product development but now is the time to push more aggressively on sales and marketing to drive growth."

Lightwave's fundraising was conducted by WH Ireland and Committed Capital.

Committed Capital chief executive Steven Harris added: "The connected home market is an exciting area right now and we believe LightwaveRF, with its unique range of products, will create significant value for our investors."