AB Dynamics launches ?50.1m placing an open offer
By Michele Maatouk
Date: Monday 20 May 2019
(Sharecast News) - AIM-listed AB Dynamics, which designs, manufactures and supplies advanced testing systems, has announced plans to raise around £50.1m in a placing and open offer, partly to help finance any potential acquisitions.
The company said on Monday that the open offer would make up as much as £5m of the share issue. The shares will be issued at a price of 2,200p each.
"The company intends to use the net proceeds of the proposed placing in support of the company's stated strategy to finance potential acquisition opportunities, adding important production capacity and for ongoing working capital requirements," it said.
In its interim results back in April, AB Dynamics outlined an updated strategy for the next phase of its growth, "building on the existing foundations to fully capture the numerous market opportunities while leveraging core strengths".
The placing will be conducted by way of an accelerated bookbuild, launched immediately, with Cantor Fitzgerald Europe acting as the sole bookrunner.
At 1015 BST, the shares were down 3.4% at 2,435p.
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