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Chamberlin raises GBP360,000 following competitor going bust

Fri, 26th May 2023 09:25

(Alliance News) - Chamberlin PLC on Friday said it has raise GBP330,000 through a placing of 11.0 million new shares at a placing price of 3 pence per share, as well as an additional GBP30,000 from a subscription.

The placing price represents a 7.7% discount to the share's closing price of 3.25p on Thursday.

Shares in the Walsall, West Midlands-based castings and engineering company were down 4.6% to 3.10p each in London on Friday morning.

Executive Director Trevor Brown has also conditionally subscribed to 1.0 million new shares at the placing price, raising an additional GBP30,000.

Chamberlin said the proceeds will be used to take advantage of "potential new opportunities" which have recently arisen as a result of a competitor of Russell Ductile Castings Ltd going into administration. It will also be used to support the company's growth strategy and strengthen its balance sheets.

By Sophie Rose, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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