LONDON (Alliance News) - Engineer Hayward Tyler Group PLC on Thursday said it has raised GBP8.4 million to repay loans and make investments in its capacity.
The group said it raised the funds via the issue of 9.3 million shares at 90.00 pence per share and said the issue was oversubscribed. Shares in Hayward Tyler were up 0.9% to 90.85p on Thursday.
Hayward Tyler said it will use the proceeds from the placing to repay a GBP5.0 million bridging loan it took out to cover the acquisition of the Peter Brotherhood business from Dresser-Rand Co Ltd in October. It will also make a further investment in its factory in Luton and will accelerated its investment plans for the Peter Brotherhood premises.
"We are delighted with the result of this oversubscribed fundraising and would like to take the opportunity to welcome new investors in the company as well as thank our existing investors for their continued support. We believe that the proceeds of the placing will put the company in a strong position going forward and we remain excited at the opportunity ahead in respect of the Peter Brotherhood business," said Chief Executive Ewan Lloyd-Baker.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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