SCi’s share price has tumbled 20 per cent following the company's announcement of its restructuring plans this morning.

According to Dow Jones, shares were down 20 per cent, or 11 pence, at 42 pence 0847 GMT – after dropping more than 35 per cent in earlier trading.

The publisher said this morning that it is looking to raise £45 million to £55 million – likely by selling new stock either on the market or to commercial partners.

Phil Rogers, who took the helm of the embattled company last month, said: "SCi is in need of immediate change... To get SCi on track, we have to act rapidly and effect change quickly."