6th Jun 2019 09:27
LONDON (Alliance News) - Automotive industry-focused testing firm AB Dynamics PLC said Thursday it has raised GBP5 million from a "heavily oversubscribed" discounted open offer.
In late May, AB Dynamics launch a share placing and open offer at 2,200 pence per share to raise up to GBP50 million. The firm intends to use the funds raised to "further support" its strategy and for general working capital purposes.
Shares in AB Dynamics were 5.8% higher at 2,572.00 pence on Thursday.
The firm had already raised the targeted GBP45 million from a share placing through an accelerated bookbuild.
On Thursday, the firm announced it had received 1.5 million valid applications for shares under the "heavily oversubscribed" open offer, AB Dynamics explained.
This represents nearly seven times the maximum 227,500 shares available under the open offer. AB Dynamics have, therefore, scaled back the applications to 227,500 shares to raise the intended GBP5.0 million.
After admission of the 227,500 open offer shares accepted - expected on Friday - AB Dynamics will have 22.0 million shares outstanding.
Related Shares:
AB Dynamics