19th Feb 2016 17:20
LONDON (Alliance News) - The following is a summary of director dealings reported in London on Friday.
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APC Technology Group said it has raised GBP1.3 million by selling new shares, in a move to "take advantage of additional procurement opportunities" to reduce costs and increase margins.
APC, which distributes electronic components and provides energy efficiency products, said it is placing just shy of 18.0 million shares, and selling another 3.0 million shares through a subscription to raise the funds.
The shares will be sold at 6.0 pence per share, a 26% discount to the closing mid-market price of 8.125 pence on Thursday.
The company said the money should ensure its balance sheet can support growth, following the extension of the scope of an existing contract with Royal Mail in January, and the award of a contract by the NHS Sustainable Development Unit.
Richard Hodgson, who agreed to subscribe for 1.3 million subscription shares in a move that will give him a total of 1.5 million shares and a 1.2% stake overall, thanked shareholders for their support and welcomed the company's new investors.
"This raise will strengthen our balance sheet and allow us to take advantage of the growth in our order book and the opportunities that we see across the business," Hodgson said.
APC said that all of its business units have continued to see "exciting and attainable" opportunities to grow. Orders within its Component Distribution business amounted to GBP3.5 million, with contract wins of GBP1.5 million in Minimise Water and GBP1 million in Minimise Energy, in the first quarter of its current financial year.
"The sales pipeline opportunities currently being reviewed total GBP37.3 million in Minimise Energy and GBP12.7 million in Minimise Water. The board remains focused, therefore, on meeting market expectations with a focused strategy and settled management team in place," the company said.
"The placing will help the company to ensure that its balance sheet is capable of adequately supporting APC's growth profile. Follow-on and new customer orders are coming through the sales pipeline as a renewed focus on cross-selling opens additional opportunities, and the placing and subscription (together with the company's reconfirmed invoice discounting facilities, the potential extension of which is under discussion) provides sufficient funds for expansion and fulfilment of APC's growing order book," APC added.
Cantor Fitzgerald Europe, the company's nominated adviser and broker, is handling the placing.
The stock closed down 17% at 6.72p Friday.
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Chemring Group said three directors disposed of nil paid rights and used the proceeds of the sale to take up the balance of their entitlements to shares under a rights issue.
Legal Director Sarah Ellard sold 12,367 shares and Ian Much and Andy Hamment, both non-executives, disposed of 9,810 and 18,456 shares respectively at 19.25 pence each on Wednesday.
Chemring, in January, announced plans to raise GBP80.8 million through a rights issue of shares in order to strengthen its financial position and cut its debt pile, as it posted a wider pretax loss for the year to the end of October.
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, said it will raise GBP80.8 million through a fully-underwritten 4-for-9 rights issue at a price of 94.00 pence per share, a 38% discount to the theoretical ex-rights issue price of a share in the company.
Ellard, Much and Hamment, subsequently took up 2,521, 1,965 and, 3,766 shares respectively.
The company also said Chairman Peter Hickson took up 93,332 shares, Chief Executive Officer Michael Flowers took up 40,302 shares and Juan Navarro, a regional president, took up 54,201 shares.
The stock closed down 1.7% at 119.50p Friday.
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Technology investing company Tern said it has raised GBP1.1 million through a share placing to provide additional financing to its existing portfolio. Tern issued 9.2 million shares at 12.0 pence per share to raise the funds. The company's shares closed at 13.5p on Thursday. The funds will be used to funds its existing portfolio, particular its security software firm Cryptosoft. Angus Forrest, Tern's chairman, took part in the placing, but 83,333 shares. Directors Al Sisto and Bruce Leith also bought the same number of shares in the placing. The stock closed down 3.7% at 13.00p Friday.
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Gabelli Value Plus+ Trust said Chairman Andrew Bell bought 25,000 shares at a price of 86 pence per share on Thursday. Following this transaction, Bell holds 100,000 shares in the trust, representing 0.09% of the total voting rights. The stock closed down 0.3% at 86.00p Friday.
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By Arvind Bhunjun; [email protected]; @ArvindBhunjun
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