LONDON (ShareCast) - (Sharecast News) - Automotive acoustic and thermal insulation solutions provider Autins Group announced a proposed placing of new ordinary shares to raise gross proceeds of at least £3.5m on Friday morning.
The AIM-traded firm said the proposed placing of a minimum of 17,500,000 new ordinary shares at a price of 20p each, with new and existing shareholders, would raise gross proceeds of a minimum of £3.5m.

It said the books were open with immediate effect following its announcement, and added that the placing was conditional on the passing of certain resolutions at a general meeting of the company.

A circular, which would provide further details of the placing and include a notice convening the general meeting, was set to be sent to shareholders "shortly", with a further announcement to be made to the market.

It said the placing price represented a discount of 29.8% to the closing price of 28.5p on 1 August.

"The net proceeds of the placing will be used to fund automation of certain of the company's processes, to accelerate the company's development in certain market segments, and for general working capital purposes," the Autins group said in its statement.

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