18th Sep 2020 10:49
(Alliance News) - TT Electronics PLC on Friday said it has raised GBP20 million under a discounted share placing to part-fund the acquisition of US-based designer and manufacturer of power and electro-magnetic assemblies Torotel Inc.
The electronics engineering company has issued 10 million shares at 200 pence each, a 5.7% discount to Thursday's closing share price of 212 pence each. The placing represents 6.1% of the company's existing issued share capital.
Shares in the company were down 7.1% at 197.00 pence each in London on Friday morning.
TT Electronics said Chair Warren Tucker bought 37,500 shares, Chief Executive Officer Richard Tyson 15,000 shares and Chief Financial Officer Mark Hoad 25,000 shares under the placing. Non-Executive Director Anne Thorburn bought 15,000 shares.
The company on Thursday had announced the deal to buy Torotel for USD43.4 million and simultaneously launched a share placing to part fund the acquisition.
By Tapan Panchal; [email protected]
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