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(Alliance News) - Pressure Technologies PLC on Tuesday announced James Locking intends to step down as chief financial officer from February 3, 2023.
The Sheffield-based specialist engineering group said it has started a recruitment process to find a replacement.
Meanwhile, Pressure proposed placing 6.7 million of new ordinary shares at 30 pence each on Tuesday, aiming to raise up to GBP2.0 million.
This would represent 21% of its existing issued share capital.
Pressure Technologies also announced a retail offer via REX of existing ordinary shares up to the value of GBP500,000 to provide existing UK retail shareholders to participate in the fundraising plans.
The REX retail offer closed by midday on Tuesday.
Pressure Technologies said the proposed placing and retail offer would be used towards providing capital headroom to support material purchases and other supplier payments. It would also serve to strengthen the group's balance sheet and help commence major defence contracts for its financial 2023.
The placing and retail offer is subject to shareholder approval at a general meeting on December 2.
Shares in Pressure Technologies fell by 1.1% to 31.66 pence in London on Tuesday afternoon.
By Greg Rosenvinge; gregrosenvinge@alliancenews.com
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