16th Oct 2018 11:20
LONDON (Alliance News) - Premier Technical Services Group PLC said Tuesday it raised GBP20 million in a share placing to fund an acquisition.
The company issued 12.7 million shares at 157.5 pence each, a 2.2% discount to Monday's closing price of 161p. Premier Technical Services shares were trading up 1.2% at 163.0p on Tuesday.
Admission of the new shares to trading on AIM is expected on Thursday. Premier Technical then will have 123.2 million shares in issue.
Numis Securities acted as sole bookrunner for the placing.
On Monday, Premier Technical Services had announced the placing and said it would use the cash for the acquisition of Guardian Electrical Compliance Ltd and to support future acquisitions.
The company acquired Guardian Electrical Compliance for an initial cash consideration of GBP12 million.
Deferred consideration of up to GBP4.0 million is payable over the next three years, in cash or shares at Premier Technical's discretion, subject to the electrical testing & compliance company meeting stretching performance targets.
Related Shares:
PTSG.L