23rd Feb 2016 15:44
LONDON (Alliance News) - Chemring Group PLC on Tuesday said it has received valid acceptances in respect of 82.3 million shares under its 4 for 9 rights issue.
This represents 96% of the total number of shares offered to shareholders, at 94.00 pence each.
In January, Chemring announced plans for the rights issue in order to raise GBP80.8 million in order to strengthen its financial position and cut its debt pile, after posting a wider pretax loss for the year to the end of October.
Shares in Chemring were trading up 0.4% at 123.50 pence on Tuesday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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