Companies: TOT   

Shares in Totalise, the ISP and e-business venture that moved from Ofex to Aim on 20 November, are now 33% below their float price of 21p. The group had ambitions of raising £10m in a placing and open offer but in the end only managed to garner £2m. £200,000 of this was raised via a placing of 952, 390 shares at 21p and a further £617,505 was raised from the offer of 2.9m shares, also at 21p. The remainder of the 'new funds' came from bank facilities of £1.18m, guaranteed by founder and chief executive Peter Gregory! Despite the unusual nature of the flotation - and the fact that Totalise was unable to issue very little new paper - Gregory saw fit to claim that the process was a success. The shares are languishing at 14p.