12th Nov 2021 11:37
Water Intelligence PLC - London-based leak detection services - Plans to raise at least GBP10 million gross in share placing at 1,200 pence per share. The offer is being conducted via an accelerated bookbuild led by RBC Capital Markets, together Dowgate Capital Ltd and WH Ireland Ltd, that will close at the end of London trading on Friday. Water Intelligence says the cash will be used to continue to re-acquire American Leak Detection franchises. It has identified four targets with annual revenue of more than USD10 million in total. These would be earnings-per-share accretive and broaden the company's offerings in the US Northwest, southern California, the Midwest and South. Water Intelligence also is looking at bolt-on acquisitions the opening of new training centres. All of this is part of its strategy to build a 'one-stop-shop' water infrastructure platform.
Current stock price: 1,259.40p, down 2.8% on Friday
Year-to-date change: more than doubled from 500.00p on December 30
By Tom Waite; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Water Intel.