Portable computer specialists Psion Plc of London W1 has announced a one-for-10 rights issue to raise UKP4.8m to help step up production for its new MC range of computers (CI No 1,271). Underwritten by Charterhouse Bank Ltd, the company is issuing 2m shares at a discounted 250 pence a time to raise the required cash. The directors of Psion have arranged for most of their rights to be placed at 12 pence a time to raise a handy UKP146,800; they will take up just 1.6% of their rights, and the 12 pence premium on these placed nil-paid makes it clear that Psion is still highly regarded. The action will reduce the stake held by director-holders to 61% from 64%. The market as a whole was a bit mess kind, and despite Psion’s a strong product range, a nervous market received the issue by dropping Psion’s share price by 8 pence to 280 pence.
