30th Nov 2020 17:21
Pressure Technologies PLC - specialist engineering - Proposes to issue up to 12.5 million new shares at 60 pence to raise up to GBP7.5 million. The equity raise will consist of up to 11.7 million shares in a placing via an accelerated bookbuild run by N+1 Singer, plus a PrimaryBid offer of 833,333 shares. Says GBP2.5 million of the cash raised will be invested in the company's manufacturing capability to accelerate growth in the hydrogen energy market, with the remained invested in its Integrity Management business and to strengthen its balance sheet. Raise must be approved at a general meeting called for December 17.
Current stock price: 60.00 pence, for GBP11.2 million market capitalisation; Friday's close 62.50p
Year-to-date change: down 50%
By Tom Waite; [email protected]
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