5th Jan 2022 12:44
(Alliance News) - Facilities by ADF PLC began its first day of trading on AIM on the London Stock Exchange PLC on Wednesday.
The Bridgend-based film production company raised GBP18.4 from the placing of 36.8 million ordinary shares at 50 pence per share. The deal was underwritten by Cenkos Securities PLC.
Shares in ADF were up 2.3% to 55.25p each just after midday in London on Wednesday.
The company started trading with a GBP37.8 million market capitalisation.
The funds raised will be used to purchase new capital equipment.
ADF hopes to capitalise on the UK's "boom in investment in infrastructure and high-end TV & film production," said chief executive officer, Marsden Proctor.
It is targeting a revenue of GBP100 million, but did not give a timeframe for this.
Chair John Richards commented: "The funds raised will further strengthen the company's financial position in continuing to meet increasing demand and will also raise the Company's profile as a leading provider of premium facilities to the film and HETV industry."
The British Film Institute predicts the making of film and television shows will have reached GBP6.0 billion in 2021, doubling from 2020.
By Elizabeth Winter; [email protected]
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