First Property Group Launches Discounted Open Offer

First Property (GB:FPO) has released an update.

First Property Group plc has announced an Open Offer to raise £2.96 million through the issuance of 36,960,777 shares at 8p each, significantly discounted from the recent closing market price. The offer, underwritten by two company directors, aims to provide additional working capital for the firm, including settling payments and completing renovations on the Blue Tower property. Shareholders have the opportunity to partake in the Open Offer until 18 September 2024, with trading of the new shares expected to commence on 23 September 2024.

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