21st Feb 2020 10:57
(Alliance News) - Adept Technology Group PLC on Friday said it intends to raise GBP4 million through a share placing and subscription.
The data networking and information technology services company said it will place 1.2 million shares at 320 pence each to certain existing shareholders and institutional investors by way of an accelerated bookbuild, which has now been launched. Adept added that Chief Executive Phil Race will subscribe for 7,813 shares at the same price.
The proceeds from the fundraise will be used to reduce Adept's debt, finance potential acquisition opportunities and accelerate the company's 'One AdEPT' initiative named Project Fusion.
The bookbuild - of which Cantor Fitzgerald Europe is the sole bookrunner - is expected to close later on Friday.
Adept also said that it is currently trading in line with market expectations and intends to recommend a final dividend for the year ending March 31. It paid a interim dividend of 5.10 pence each for the six months to the end of September 2019.
The stock was trading 10% lower at 324.29 pence each on Friday morning in London.
By Ife Taiwo; [email protected]
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