24th Feb 2016 09:28
LONDON (Alliance News) - Chemring Group PLC on Wednesday said it had now fully completed its rights issue after securing the remaining subscribers for the shares on offer in its rump placing.
On Tuesday, the company said it had received valid acceptances in respect of 82.3 million shares under its 4 for 9 rights issue, around 96% of the shares on offer. On Wednesday, it said subscribers had been procured for the rest of those shares.
The placing was conducted by JPMorgan Cazenove.
Chemring, which makes countermeasures such as flares and decoys that military aircraft use against missile attack, as well as sensors and electronics used in military vehicles, announced plans for the GBP80.8 million rights issue in January in a push 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 up 1.5% to 125.35 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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