Acal Rights Issue Closes, Gets Almost 96% Acceptance

LONDON (Alliance News) - Electronics supplier Acal PLC Wednesday said its rights issue has now closed and it had secured valid acceptances for 95.67% of the rights issue shares.

The company had announced a one-for-one rights issue to raise GBP55 million on June 5, saying it would use the money raised to repay some of the GBP43.5 million in debt held by electromagnetic products maker Noratel, which it bought that day. Some of the money will also go towards the GBP29.2 million purchase price for Noratel.

The rights issue was done at 176 pence. It offered 31.3 million shares, and got acceptances for just under 30.0 million.

Acal shares were down 2.2% at 225.00 pence Wednesday morning.

By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1

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