2nd Feb 2022 10:54
(Alliance News) - Chamberlin PLC proposed on Wednesday to raise GBP1.8 million in a placing and subscription.
Shares in Chamberlin were down 29% at 5.17 pence on Wednesday morning in London, hitting a twelve month low.
The West Midlands, England-based castings and engineering firm proposed a placing of 30.1 million shares at a placing price of 5 pence per share and a subscription for 5.9 million shares at the same price by Executive Director Trevor Brown.
Chamberlin said the placing price represents a discount of 31% to the closing mid-market price of 7.25 pence per share on Tuesday.
"The additional funds from the placing and subscription are expected to enable the company to execute its strategy and will strengthen the company's balance sheet, giving it more flexibility to manage and achieve its optimum financial position," Chamberlin said.
Cenkos Securities PLC and Peterhouse Capital Ltd acted as joint bookrunners to the placing.
By Heather Rydings; [email protected]
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