APC Technology Raises GBP1.1 Million To Support Working Capital (ALLISS)

LONDON (Alliance News) - Electronic components distributor APC Technology Group PLC on Tuesday said it has raised GBP1.1 million through a share placing to support the growth of the business.

APC said it has issued 13.8 million shares at 8.00 pence per share to raise the funds. In addition, for every five shares subscribed, investors will get two warrants exercisable at 10.00p. Shares in the company were down 13% to 8.70p on Tuesday morning.

APC said the funds will be used to provide working capital to support its growth plans.

"I would like to thank our shareholders for their continued support. This raise will help to fund the continuing turnaround of the business as we focus on the core business units," said Chief Executive Richard Hodgson.

By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance

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