Grafenia PLC - Manchester-based printing and software company - Plans to raise GBP23.0 million via a placing and subscription at 8.5p per share, and GBP4.9 million through an open offer to shareholders at the same price. Proceeds will fund future acquisitions, repurchase some of the company's existing bond arrangements and pay deferred consideration on previous acquisitions.
Further, says current trading is in line with internal forecasts with newly acquired business units performing as expected and contributing to profitability. "With a full year's trade from our newly acquired businesses, our goal of achieving earnings before interest, tax, depreciation and amortisation at 10-15% of sales, after central costs, is considered by the directors to be a realistic target," company says. Adds, the focus remains on scaling the group by way of acquisition.
Current stock price: 9.50 pence, down 7.3% on Tuesday in London
12-month change: up 73%
By Jeremy Cutler, Alliance News reporter
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