2nd Aug 2019 14:30
(Alliance News) - Acoustic and thermal insulation manufacturer Autins Group said Friday that it raised GBP3.5 million through a discounted share placing to fund process automation and market growth.
The placing saw Autins issue 17.5 million new shares at 20 pence each with new and existing shareholders, raising net proceeds of approximately GBP3.5 million.
Shares in Autins are currently trading 19.3% lower at 23.00 pence each. The placing price represented a 30% discount to the 28.50p per share closing price on Thursday, the last day of trading before the placing announcement.
The placing was conducted through an accelerated book build process undertaken by Nplus1 Singer Advisory LLP.
Senior members of the company have also participated in the placing.
Chair Adam Attwood bought 75,000 shares at a price of 20 pence each, the total transaction having a value of GBP15,000.
Non-Executive Director Neil Macdonald bought 125,000 shares at a price of 20 pence each, the total transaction having a value of GBP25,000.
Chief Executive Gareth Kaminski-Cook bought 180,228 shares at a price of 20 pence each, the total transaction having a value of GBP36,046.
Chief Financial James Larner bought 25,000 shares at a price of 20 pence each, the total transaction having a value of GBP5,000.
Schroder Investment Management, Miton Asset Management and Cavendish Asset Management all bought a substantial number of shares, respectively having bought 3.5 million, 2.0 million and 2.2 million shares. They are expected to respectively have an interest of 20%, 16% and 11% in the company following the placing.
The placing is conditional on the passing of certain resolutions at a general meeting of the company.
The net proceeds of the placing will be used to fund automation of some of the company's processes, to accelerate the company's growth in certain markets, and for general working capital purposes.
"We are delighted to close this placing to help fund automation of various company processes, to accelerate the company's development in certain market segments and to provide for general working capital purposes," Chief Executive Kaminski-Cook said.
Related Shares:
Autins Group