LONDON (Alliance News) - Flowgroup PLC on Thursday said it is seeking to raise GBP23 million via a firm placing and open offer to accelerate the development of a combination version of its Flow microCHP boiler.
The company said it will issue 73.7 million shares at 28.5 pence each in the firm placing, with Jabil Circuit Netherlands BV, a subsidiary of Flowgroup's manufacturing partner, Jabil Circuit Inc, to invest GBP7.4 million via the placing.
It also will issue 7 million further shares in the open offer at the same price.
The issues will be run by Investec Bank and Cenkos Securities PLC.
Flowgroup shares were down 1.4% to 29.10 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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