(Sharecast News) - IT managed services firm Adept Technology proposed placing and subscription on Friday as part of an effort to raise gross proceeds of up to ?4.0m.
Adept will conduct a non pre-emptive placing of as many as 1.24m new ordinary shares at a price of 320.0p per placing share to certain existing shareholders and other investors by way of an accelerated bookbuild.
The AIM-listed group noted that the placing was also alongside a proposed subscription of new ordinary shares by certain directors of the group for 7,813 new ordinary shares.
Adept said net proceeds from the placing and subscription would be used to support its strategy of reducing debt, to finance potential acquisition opportunities, accelerate certain projects and for ongoing working capital requirements.
In terms of recent trading, Adept added that revenue had increased 26% to ?30.8m since posting its interim results back in November, mostly driven by the acquisition of Advanced Computer Systems.
Underlying earnings increased 18% to ?6.1m, while adjusted profits grew 4% to ?3.9m - resulting in a 4% bump in adjusted fully diluted earnings per share to 15.3p.
Adept expects to announce results for the year ending 31 March in July.
As of 0835 GMT, Adept shares had slumped 10.28% to 323p.
11 Apr 2023 18:13
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