20th May 2019 10:52
LONDON (Alliance News) - AB Dynamics PLC on Monday said it plans to raise up to GBP50.1 million via share placing and open offer, to pursue its growth strategy.
The company, which designs manufactures and supplies testing systems and measurement products for the automotive market, will raise up to GBP45.1 million via placing of shares at 2,200 pence each.
Furthermore, AB Dynamics will also target to raise GBP5 million via open offer of shares at the same price. The open offer will take place on the basis of 1 share for every 86.5 shares held.
AB Dynamics shares were trading down 3.4% at 2,435.00p each on Monday.
Th company said it will use the funds raise to finance potential acquisition opportunities, adding important production capacity and for ongoing working capital requirements.
The placing is expected to close on June 6, when the final number of shares to be issued will be announced. Admission is expected on June 7.
Cantor Fitzgerald Europe is acting as sole bookrunner and broker in connection with the fundraise.
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