(Alliance News) - Engineering company Pressure Technologies PLC on Tuesday said former subsidiary Greenlane Renewables Inc has proposed a share offering.
Greenlane units, which comprise of one-and-a-half shares in the renewable natural gas firm, will be offered under the terms of the proposal, Pressure Technologies said.
The pricing of the offer is yet to be determined.
Greenlane, which is listed in Canada, was trading 3.7% higher at CAD0.56 on Tuesday afternoon in Toronto.
Shares in Pressure Technologies closed down 1.8% at 135.10 pence in London.
Pressure Tech said: "The proceeds of the proposed offering are expected to be used for various purposes, including payment to Pressure Technologies against its outstanding promissory note."
The company sold Greenlane to Creation Capital Corp for GBP11.1 million in June.
The firm added that Chair Roy Gardner bought 12,500 shares in the company at 133.00p each, GBP16,625 altogether.
Gardner now owns 22,500 shares in the company, a 0.1% stake.
By Eric Cunha; ericcunha@alliancenews.com
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Pressure Tech (PRES)