Arria NLG Rises 31% after Reporting Progress with US Fund-Raising

By Philip Waller

LONDON--Shares in technology company Arria NLG (NLG.LN) Thursday rose 31% on its last day of trading on London's AIM market after it reported strong interest from U.S. investors in an offer to raise $25 million.

Arria quoted brokerage Rainmaker Securities as saying more than 20 investment firms are in a due diligence phase and it expects to complete the capital raising in the first quarter.

Arria plans to use the proceeds for business development, technology and working capital, he added.

"Arria NLG welcomes the anticipated expansion of its U.S. investor base as Arria NLG's 2017 plan calls for further expansion of its footprint and client base in the U.S.," the group said in an update.

The company, which provides technology that converts data into written reports, added 2017 is off to a strong start with the recent signing of contracts with business consultants Accenture PLC, computing giant International Business Machines Corp. (IBM) soft drink maker PepsiCo Inc. and electronics group Samsung.

The group, which is moving its listing from London's AIM market, said its planned listing in New Zealand and Australia will give it the market support it needs to realize the full value of its stock.

The group will issue short-term notes that convert to shares and options of Arria NLG Ltd when it lists on stock exchanges in New Zealand and Australia, in return for a minimum investment per investor of $500,000.

The U.S. offer may be subscribed for outside of the U.S. and there may be further funds raised at the time of the listing, a spokesman said.

The last day of trading in Arria's ordinary shares and warrants on AIM is Thursday and they will be cancelled from 0700 GMT Friday Jan. 20.

At 1143 GMT, shares in Arria were up 2.1 pence, or 31%, at 9 pence.

-Write to Philip Waller at [e-mail]

(END) Dow Jones Newswires

January 19, 2017 07:14 ET (12:14 GMT)

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