16th May 2018 12:24
LONDON (Alliance News) - Zotefoams PLC said on Wednesday it raised GBP20.6 million through a placing of 3.9 million shares at a price of 530.0 pence each.
Shares in the polyoelfin foam manufacturer were up 0.9% at 540.00 pence on Wednesday.
The placing proceeds will be used to fund the planned capital investment of about GBP23 million in a new manufacturing facility in central Europe and "higher working capital associated with organic growth and product mix enrichment from higher margin high performance products sales".
Zotefoams now has 48.3 million shares issued overall.
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