7th Nov 2014 08:06
LONDON (Alliance News) - Filtronic PLC Friday said it plans to raise GBP2.1 million in a share placement, providing the company with additional working capital to support an expected increased in business in the second half of the year and beyond.
The company said it will place 9.7 million new shares representing 9.99% of the existing share capital at a placing price of 22 pence, and the shares will be admitted for trading on the main market of the London Stock Exchange on December 3.
"The funds raised will enable us to strengthen our working capital position to continue to pursue opportunities for both Wireless and Broadband," said Chief Executive Alan Needle.
The company added that all board members have agreed to subscribe to 579,833 in total at the placing price. Current shareholders Aberforth Partners LLP and Legal and General Investment Management Ltd have also agreed to participate, buying 2.3 million shares and 1.7 million shares respectively.
The shares were untraded early Friday. The last traded price was 21.75 pence a share.
By Ian Edmondson; [email protected]
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