19th Nov 2015 09:27
LONDON (Alliance News) - Engineer Hayward Tyler Group PLC on Thursday said it will seek to raise GBP8.4 million to repay loans and make investments in its capacity.
The group said it is planning to raise the funds via the issue of 9.3 million shares at 90.00 pence per share. Shares in Hayward Tyler were up 0.4% to 90.35p on Thursday.
The company said it will use the proceeds from the placing to repay a GBP5.0 million bridging loan it took out to cover the acquisition of the Peter Brotherhood business from Dresser-Rand Co Ltd in October. It will also make a further investment in its factory in Luton and will accelerated its investment plans for the Peter Brotherhood premises.
By Sam Unsted; [email protected]; @SamUAtAlliance
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