LONDON (Alliance News) - Redhall Group PLC Friday said it intends to raise GBP7.5 million before expenses through a placing of 19.2 million shares at 39 pence each with new and existing institutional investors, money it will use to recapitalise its balance sheet and for general working capital.
The specialist engineering support services group said the 19.3 million shares represent roughly 39.2% of its existing share capital.
Redhall directors have subscribed for a total of 307,691 new shares in the placing, at a total price of GBP120,000, it said.
"This fundraising will give us the opportunity to deliver our strategy, which focuses on the company's core strengths in niche manufacturing and specialised contracting. We see significant opportunities open to us in our key markets and the Company is now well positioned for future growth," said Chief Executive Officer Richard Shuttleworth in a statement.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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